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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]
In 2001, a wave of consolidation in the UK banking market led Halifax to agree a £10.8 billion merger with the Bank of Scotland. [9] The new group was named Halifax Bank of Scotland (HBOS) with headquarters in Edinburgh, and retained both Halifax and the Bank of Scotland as brand names. Halifax branches in the rest of the UK use the Bank of ...
Head office of the Bank of Scotland at The Mound, Edinburgh. On 17 September 2008, the BBC reported that HBOS was in takeover talks with Lloyds TSB, in response to a precipitous drop in HBOS's share price. [23] The talks concluded successfully that evening with a proposal to create a banking giant which would hold a third of UK mortgages. [24]
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 ...
The banks became the first Irish bank to open on Saturday as standard. Following the merger of Halifax and Bank of Scotland to form HBOS, in August 2006, the bank announced that it would adopt a two-brand strategy, re-branding as Halifax for its retail business and retaining the Bank of Scotland name for its commercial customers.
Crosby joined the Halifax bank in 1994 as Managing Director of Halifax Life. [8] Five years later, he became the chief executive of Halifax plc, replacing Mike Blackburn, and in 2001 Crosby became the first chief executive of the newly formed HBOS Group after overseeing the merger between Halifax plc and the Bank of Scotland. [9]
Commercial bank € 1.14 × 10 ^ 9 [35] [36] October 9, 2008: Bankwest (subsidiary of HBOS) Commonwealth Bank: Bank £ 1.2 × 10 ^ 9 [37] October 13, 2008: Sovereign Bank, Wyomissing, Pennsylvania: Banco Santander: Bank $ 1.9 × 10 ^ 9 [38] October 13, 2008: Royal Bank of Scotland Group (up to 81.14% Bought) Government of the United Kingdom ...