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Lloyds Technology Centre forms part of the Group’s £3 billion strategic investment over the next three years to transform its digital offering, the company said in a statement.
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Voruganti will assume her role as CEO and Managing Director of Lloyds Technology Centre later this month, overseeing its establishment and longer-term growth strategy, according to a statement.
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Disruption to online services is a periodic problem for Britain's banks, and last month regulators told lenders they needed to resolve problems more swiftly.
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LBG took action late last year after a change to money-laundering rules in Jersey, home to the lender's international division.
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The bank said the fund will deliver quick access to finance by allowing companies to spread the cost of assets over their lifetime, enabling big investments that don't eat into working capital.
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Companies with revenue of less than 1 million pounds (USD 1.23 million) expect to invest an average of 21,690 pounds in their businesses in the next six months – a fall of 74 percent compared with July, Lloyds Banking Group said on Friday following the latest results of its six-monthly survey.
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UK Financial Investments, which manages the government's stake in the lender, said in a statement it has reduced its stake in the bank to 3.567 percent.
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Net profit surged more than four times to 2.0 billion pounds (USD 2.5 billion, 2.4 billion euros) in 2016 compared with net profit of 466 million pounds a year earlier, LBG said in an earnings release.
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The Edinburgh-based bank, more than 70 percent owned by the British taxpayer, reported a loss attributable to shareholders of 469 million pounds (USD 570.7 million), compared with a profit of 952 million pounds in the same period last year.
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UK Financial Investments Limited, which manages the government's stakes in the banks, said it has recommended scrapping plans to sell the remaining stake via a discounted public selloff.
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Britain's largest retail bank announced plans to save 400 million pounds by end-2017 by axing a further 3,000 jobs and closing an additional 200 branches to protect its earnings and ambitious dividend profile against lower-for-longer interest rates.
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The Bank of England has told banks they must set up a boundary around their branch operations to protect taxpayers from any repetition of the multi billion-pound bailouts required during the financial crisis of 2007 to 2009.
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The state-backed lender said on Friday it made a pretax profit before one-off items of 2.2 billion pounds (USD 3.4 billion) for the three months to the end of March, at the top end of expectations, according to a Reuters poll of analysts.
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In an interview to CNBC-TV18, Alessandro Mercuri, Interest Rate Strategist at Lloyds Banking Group shared his outlook on Italy‘s election.
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British entity Lloyds Banking Group today said it has raised stake in Essar Energy to 7.14% after purchasing additional shares.
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One in five Britons with more than 250,000 pounds in savings are thinking of living abroad because they are tired of crime, poor weather and the high cost of living, the wealth management arm of Lloyds Banking Group said on Monday.
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Bank of America is cutting 3,500 jobs this quarter and working on a restructuring that could eliminate thousands of additional positions, the Wall Street Journal reported, adding to a slew of layoff by major banks.
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A slew of lay-offs hitting banks gathered pace on Thursday, with thousands more job losses set to hit retail businesses and market divisions, as lenders fight off a limp economic recovery, trading woes and tougher regulation.
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Britain's top banks are set to need more capital and ring-fence retail banking to shield taxpayers from another crisis in the most radical industry shake-up for decades, which may prompt some banks to leave.
