Highlights

  • Jefferies issued a buy rating on Lloyds Banking Group with a target price of GBX 119 in December 2025.
  • Lloyds completed a GBP 1.7 billion share buyback programme, repurchasing over 2 billion shares.
  • The group announced the acquisition of fintech firm Curve, with completion expected in the first half of 2026.

Lloyds Banking Group (LSE:LLOY) has come under analyst focus after Jefferies issued a buy rating on the UK-based banking major, setting a target price of GBX 119. The rating was issued in December 2025 and comes alongside recent corporate actions by Lloyds, including the completion of a large-scale share buyback programme and the announced acquisition of fintech company Curve.

Share Buyback Programme Completed

Earlier in December, Lloyds Banking Group confirmed the completion of its previously announced share buyback programme. The programme, which was first announced on February 21, 2025, concluded following the purchase of ordinary shares on December 8, 2025. Over the course of the programme, Lloyds repurchased 2,204,109,740 ordinary shares for a total consideration of GBP 1.7 billion.

The buyback was executed in accordance with its original terms and was managed by Morgan Stanley & Co. International plc. The completion of the programme marked a key capital action for the group during the 2025 financial year and represented one of the largest share repurchase initiatives undertaken by the bank in recent periods.

Digital Expansion Through Curve Acquisition

In November 2025, Lloyds Banking Group announced its intention to acquire Curve, a London-based fintech company operating a digital wallet platform. Curve brings together multiple cards and alternative payment sources within a single platform and processes billions in payments annually across the UK and EEA markets.

The acquisition is expected to enhance Lloyds Banking Group’s digital offering through the integration of Curve Pay technology into its mobile banking ecosystem. The combined platform is expected to offer features such as expanded payment flexibility, rewards layering, purchase switching across accounts, deferred payment options, and foreign exchange fee management through linked cards.

Lloyds stated that the acquisition is expected to complete in the first half of 2026, subject to regulatory approvals. From a financial perspective, the transaction is not expected to have a material impact on the group’s capital position or its full-year guidance for 2025 or 2026.

Corporate Activity and Market Focus

With the completion of the GBP 1.7 billion buyback and the planned acquisition of Curve, Lloyds Banking Group has closed 2025 with multiple corporate developments. These actions have coincided with renewed analyst attention, including the buy rating and target price issued by Jefferies.