Lloyds Banking Group is planning to create 500 high-skilled jobs at a new digital tech hub in the Scottish capital of Edinburgh.

According to a BBC report, the recruitment will be carried out in the following 18 months. However, some of the posts will be filled by its existing staff planning to upskill their capabilities.

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The British bank has already started hiring software engineers and data scientists for the hub.

Lloyds digital tech hub:

The digital hub will be based at the headquarters of its life insurance and pensions subsidiary Scottish Widows.

It will work to develop new technology for the customers of various Lloyds brands including Bank of Scotland, Lloyds Bank, Halifax and Scottish Widows.

Last year, Lloyds announced a £3bn investment to upgrade digital services. The last move is aligned with this effort.

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Lloyds Banking Group Scottish executive committee chairman Philip Grant was quoted by the publication as saying: “In our tech labs, we are designing what customers will need in the future, making products and services that can adapt to their lives and making it easier for them to connect with their finances.”

The announcement to hire new people comes at a time when most of the British lenders including Lloyds are trimming their physical network and workforce due to rise in digital banking.

Earlier this month, Lloyds announced its first quarter results of the year. It failed to meet analyst forecasts despite an increase in profit after tax by 2% from the year-ago quarter to £1.2bn.