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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.
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 ...
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).
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 ...
The "good bank" was Northern Rock plc, which was responsible for holding and servicing all pre-existing customer savings accounts and some pre-existing mortgage accounts. Northern Rock plc received additional capital of £1.4 billion of equity from the UK government. The strategy was to prepare the bank for sale into the private sector.
Paul Russell Moore (30 October 1958 – September 28, 2020) [1] was best known as the HBOS whistleblower following his dismissal from Halifax Bank of Scotland (HBOS) in 2004. . Moore was the bank's Head of Group Regulatory Risk and was fired from the role by HBOS Group Chief Executive Office James Crosby following his warnings to the Board about HBOS's risky sales strategi
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.
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]