Lloyds' new scholarships push bank's UK efforts

Lloyds Banking Group is launching an undergraduate scholarship programme worth more than £12,000 in awards and paid work for students from lower-income families.

The Lloyds Scholars scheme includes fixed bursaries of £1,000 a year, variable awards based on exam results, and two stints of summer work worth £2,800 each.

It also offers students mentoring with senior Lloyds employees, activities to improve employment opportunities and the prospect of a job at the bank on graduation.

In return, students will be required to do at least 100 hours of local voluntary work and to promote Lloyds Scholars in schools to future undergraduates.

Lloyds said that unlike many student bursary schemes, graduates were under no obligation to join the bank at the end of their course.

Lloyds is launching a pilot of the programme on Saturday for 15 students preparing for their second year at Sheffield University, with another the same size planned for 30 June at Bristol University. The scheme will be extended to other top universities later this year ahead of the 2012 student intake.

The bank's promotion of its contribution to Britain's economic and social fabric comes as it lobbies against the Independent Commission on Banking's (ICB) demand that it sells more branches than the 632 it was forced to put on the block last Friday.

Britain's biggest retail bank won rare praise from Vince Cable, the Business Secretary, last week for taking small-business lending seriously under the Project Merlin agreement with the Government. The Chancellor will decide whether to accept the ICB's recommendation in September.

The scholarship programme is a pet project of Antonio Horta-Osorio, the bank's chief executive, who joined in March.

Mr Horta-Osorio said: "Lloyds Scholars is a key part of our commitment to invest in the long-term economic future of the UK. We have developed the programme to give undergraduates all-round professional and vocational experience. We will also encourageour scholars to volunteer in their local communities during the academic year to support the group's wider commitment to support communities."

To qualify, students must come from a household with income below £25,000 and have the equivalent of two As and a B at A level. They also have to complete an assessment by the bank.

Start your day with The Independent, sign up for daily news emails
Sport
Super BowlAfter Katy Perry madness it's back to The Independent's live coverage of Super Bowl 49!
News
See what Twitter had to say about the first half of the Super Bowl
News
people
News
people
PROMOTED VIDEO
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Software Development Manager

£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Product Manager - (Product Marketing, Financial Services)

£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Day In a Page

The super-rich now live in their own Elysium - they breathe better air, and eat better food, when they're not making beans on toast for their kids

The super-rich now live in their own Elysium

They breathe better air, eat better food, take better medicine
A generation of dropouts failed by colleges

Dropout generation failed by colleges

£800m a year wasted on students who quit courses before they graduate
Entering civilian life 'can be like going into the jungle' for returning soldiers

Homeless Veterans appeal

Entering civilian life can be like going into the jungle
Sam Taylor-Johnson: Woman on top

Sam Taylor-Johnson: Woman on top

Fifty Shades of Grey director on bringing the hit to the screen
Shazam! Story of the $1bn 'what's that song?' app

Shazam: Story of the $1bn 'what's that song?' app

As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch