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In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006 (c. i), a local act of Parliament that rationalised the bank's corporate structure. [6] The act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS.
The Bank of Scotland plc (Scottish Gaelic: Banca na h-Alba) is a commercial and clearing bank based in Edinburgh, Scotland, and is part of the Lloyds Banking Group.The bank was established by the Parliament of Scotland in 1695 to develop Scotland's trade with other countries, and aimed to create a stable banking system in the United Kingdom . [2]
HBOS Group wished to restructure the bank into a public limited company (plc) governed under the Companies Act 1985, and transfer the assets and liabilities of its other UK subsidiaries with a banking licence (Capital Bank, Halifax plc and HBOS Treasury Service plc) to the new Bank of Scotland plc. By doing it could save the costs of ...
It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. [4] Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695. [5]
Halifax itself became a part of HBOS plc when it merged with the Bank of Scotland in 2001. In 2007, it became a division of Bank of Scotland plc following a reorganisation in the HBOS Group. When Birmingham Midshires became part of the Halifax in April 1999, it had savings balances of £5.9 billion and mortgage assets of £9.2 billion.
In 1975, Bank of Scotland opened its first overseas office in Houston, Texas.Branches followed in other U.S. states, Moscow, Hong Kong and Singapore.Inroads were subsequently made into Australasia, with the 1987 purchase of Countrywide Bank in New Zealand (sold to the National Bank of New Zealand in 1998) and that of the Bank of Western Australia in 1995 (sold to the Commonwealth Bank in 2008).
It offered commercial and corporate banking services under the Bank of Scotland brand and retail banking services under the Halifax brand. From 10 February 2010 the bank no longer accepted new business and it ceased to operate as a licensed bank on 31 December 2010. [1] The assets of the bank were merged into Bank of Scotland plc. [2]
Capital Bank became part of the HBOS Group when Bank and Scotland and Halifax merged in 2001. Capital Bank continued to grow its corporate banking activity until 2006, when assets totalled almost £22 billion. [7] In the same year the HBOS Group Reorganisation Act 2006 was passed through the UK Parliament.