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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 country. [2]
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.
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]
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).
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.
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 ...
Petroleum related industries associated with the extraction of North Sea oil have also been important employers from the 1970s, especially in the north-east of Scotland. Edinburgh is the financial services centre of Scotland, with many large banking and finance firms based there, including the Bank of Scotland , Lloyds Banking Group (owners of ...
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.