LONDON SCOTTISH BANK PLC                            

                      ANNUAL GENERAL MEETING ANNOUNCEMENT                      

London Scottish Bank plc ("London Scottish Bank"), the speciality provider of
financial services, today issued the following update at its Annual General
Meeting.

The Board is pleased to confirm that the solid start to the new financial year,
reported at the time of the Group's preliminary announcement in January, has
continued.

During the first four months of the financial year, the consumer and commercial
lending divisions achieved increased business, from both new and existing
customers. Overall bad debt charges remain at consistent levels, when expressed
as a percentage to loan book receivables.

Robinson Way continues to grow its business through a combination of new
accounts for collection and debt portfolios. Last, but not least, the recently
acquired Pacific Homeloans business has settled well into the Group, as part of
its successful loan broking division.

The interim results will be announced on 10 June 2003

For more information please contact:

London Scottish Bank plc            Tel: 0161 830 2306                         
                                                                               
Roy Reece, Chief Executive                                                     
                                                                               
Mark Tattersall, Finance Director                                              
                                                                               
Citigate Dewe Rogerson              Tel: 020 7638 9571                         
                                                                               
Patrick Toyne Sewell/Sarah                                                     
Gestetner                                                                      

                                                                  20 March 2003



END