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Lloyds Banking Group Extends Strategic Partnership with Broadcom to Accelerate Digital Transformation

1. Broadcom expands partnership with Lloyds Banking Group with multi-year agreement. 2. Lloyds to enhance technology by using Broadcom's infrastructure software. 3. Deployment of VMware Cloud Foundation aims to improve digital service efficiency. 4. Partnership supports Lloyds' strategy to deliver faster digital banking services. 5. Broadcom's offerings reduce operational costs and enhance performance for Lloyds.

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Why Bullish?

This agreement strengthens Broadcom's presence in the financial sector, potentially increasing revenue. Historical partnerships with large institutions have typically preceded a positive market response for AVGO.

How important is it?

The strategic nature of this partnership aligns with Broadcom's growth objectives, likely fostering strong investor confidence. The direct impact on AVGO's revenue and technological innovation makes this news highly significant.

Why Long Term?

As Lloyds transforms its infrastructure, benefits may unfold over several years, started by the initial implementations showing positive metrics. Long-term partnerships often lead to sustained revenue growth for tech companies.

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LLOYVMW
LONDON, Sept. 17, 2025 (GLOBE NEWSWIRE) -- VMware Explore on Tour – Lloyds Banking Group and Broadcom Inc. (NASDAQ: AVGO) today announced a significant expansion of their long-standing partnership, underpinned by a new multi-year agreement that will support the delivery of the Group’s ambitious strategic transformation. In the next phase of the partnership, Lloyds Banking Group will deepen its use of Broadcom’s infrastructure software portfolio, including VMware Cloud Foundation and mainframe solutions, to enhance the resilience, agility and scalability of its technology estate. This will enable the Group to deliver faster, more reliable digital services to the 28 million customers and businesses it supports across the UK. “Upgrading our infrastructure allows us to continue to provide fast and reliable digital banking for our customers, whether they’re making payments, applying for a loan, or checking their balance,” said Ron van Kemenade, Group Chief Operating Officer at Lloyds Banking Group. “It means our customers get a first-class service today, with a platform that can easily scale and support new products and innovations in the future.” “Broadcom’s strategic partnership with Lloyds Banking Group has been strengthened by the addition of VMware into our existing infrastructure software portfolio, which includes our mainframe solutions,” said Luigi Freguia, President, EMEA, Broadcom. “This promotes our goal to empower Lloyds Banking Group to transform their infrastructure and solidify their leadership as the UK’s largest digital bank.” Lloyds Banking Group will deploy VMware Cloud Foundation to support its data centre consolidation strategy. This will provide a consistent operating model across its private cloud environment, combining the flexibility of public cloud with the security, performance and cost-efficiency of on-premises infrastructure. The platform will support traditional, modern and AI-driven applications with unified operations, governance and controls. Broadcom will also deliver professional services and training to Lloyds’ engineering teams to maximise the value of the deployment. Broadcom’s mainframe solutions will continue to underpin Lloyds’ mission-critical workloads, offering advanced automation, intuitive tooling and seamless integration into hybrid environments. These capabilities will help reduce operational costs, improve performance and foster a more agile, collaborative culture across IT teams, supporting continuous delivery of essential digital services. About BroadcomBroadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom's category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com. About Lloyds Banking GroupLloyds Banking Group is the largest UK retail and commercial financial services provider with over 28 million customers and a presence in nearly every community. We are proud to support British businesses, with nearing one million UK businesses supported by our leading digital and relationship banking services. Our main business activities include retail and commercial banking, general insurance and long-term savings, provided through well recognized brands including Lloyds, Halifax, Bank of Scotland and Scottish Widows. Our purpose is Helping Britain Prosper. We have served Britain through our products and services for more than 320 years, across every community, and millions of households. Our success is interwoven with the UK's prosperity, and we aim to help Britain prosper by operating as a responsible, sustainable and inclusive Group. Broadcom, the pulse logo, and Connecting Everything are among the trademarks of Broadcom. The term "Broadcom" refers to Broadcom Inc., and/or its subsidiaries. Other trademarks are the property of their respective owners. Media Contacts: Roger FortierBroadcom+1.408.348.1569roger.fortier@broadcom.com Eloy OntiverosBroadcom Global Communications+1.650.427.6145eloy.ontiveros@broadcom.com Sam BodenLloyds Banking Group Media Relations+0.786.867.5107samuel.boden@lloydsbanking.com

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