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HBOS
From Wikipedia, the free encyclopedia
| HBOS PLC | |
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| Type | Public (LSE: HBOS) |
| Founded | 2001 |
| Headquarters | Edinburgh, Scotland, UK |
| Key people | Dennis Stevenson, Chairman Andrew Hornby, CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | £11,991 million (2006) |
| Operating income | £5,341 million (2006) |
| Net income | £3,939 million (2006) |
| Employees | 72,000 |
| Website | www.hbosplc.com |
HBOS plc (LSE: HBOS) is a banking and insurance group in the United Kingdom, the holding company for Bank of Scotland plc, which operates the Bank of Scotland and Halifax brands; HBOS Australia, owner of BankWest; and HBOS Insurance & Investment Group Limited, the group's insurance division. Officially HBOS is an initialism not overtly standing for anything, although it is widely recognised to mean Halifax Bank of Scotland. The corporate headquarters of the group are in Edinburgh, Scotland; the old office of the Bank of Scotland. Operational headquarters are based in Halifax, West Yorkshire, England; the old head office of Halifax. [1]
HBOS was formed by the merger of the Halifax plc and the Governor and Company of the Bank of Scotland, and the formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established Big Four UK retail banks. Since its creation it has grown to become the fourth biggest banking group in the UK by market capitalisation. It is also the UK’s largest mortgage lender. HBOS is a public limited company listed on the London Stock Exchange (LSE: HBOS). A reorganisation of the group initiated by the HBOS Group Reorganisation Act 2006 saw the transfer of the Halifax plc to the Governor and Company of the Bank of Scotland, which was now a registered public limited company, Bank of Scotland plc.
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The Bank of Scotland is the UK's oldest commercial bank, founded by an Act of the Parliament of Scotland in 1695. Halifax was founded in 1853 as the Halifax Permanent Benefit Building and Investment Society, which demutualised in 1997 to become a plc.
The merger of the Bank of Scotland and Halifax occurred during a wave of consolidation in the UK banking market which began in the late 1990s. The Bank of Scotland played a key role in the process, firstly by launching a hostile takeover bid for NatWest, although the bid failed to a rival offer from the Royal Bank of Scotland. It later investigated a merger with Abbey National, when Halifax approached with an offer to merge.
The merger created the fifth largest bank in the UK by market capitalisation, although since 2001 the bank has overtaken Lloyds TSB to become fourth largest.
In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, a private Act of Parliament that would allow the group to operate in a more simplified structure. 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. Halifax plc transferred to Bank of Scotland plc, although the brand name has been retained.
The provisions in the Act were implemented on the 17th September 2007.
HBOS has 3 main subsidiaries:
- Bank of Scotland plc
- HBOS Australia
- HBOS Insurance & Investment Group Limited
Bank of Scotland plc is the banking division of the HBOS group, and operates the following brands,
- Bank of Scotland
- Bank of Scotland Private Banking
- Bank of Scotland Treasury Services
- Birmingham Midshires
- Halifax
- Halifax Financial Services (Holdings) Ltd
- Halifax Investment Fund Managers Ltd
- Halifax Share Dealing Limited
- Halifax Unit Trust Management Ltd
- Intelligent Finance
- Sainsbury's Bank (50%)
- The Mortgage Business (TMB)
- Banco Halifax Hispania
- Bank of Scotland Corporate
- Bank of Scotland International
- Bank of Scotland Investment Services
- Bank of Scotland (Ireland)
- Bank of Scotland (Netherlands)
HBOS Australia was formed in 2004 to consolidate the group’s holdings in Australia. It consists of the following subsidiaries:
- Bank of Western Australia Limited
- Capital Finance Australia Limited
- St Andrew's Australia Pty Ltd
- BOS International (Australia) Ltd
HBOS Insurance & Investment Group Limited manages the group’s insurance and investment brands in the UK and Europe. It consists of the following:
- esure
- First Alternative
- St James's Place Capital (60%)
- Halifax General Insurance Services Ltd
- Halifax Insurance Ireland Ltd
- Clerical Medical
- ^ Bank of Scotland, Halifax tie knot. All Business. Retrieved on 2007-07-02.
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| Banking: | Bank of Scotland · Halifax · Intelligent Finance · Birmingham Midshires · Sainsbury's Bank · St. James's Place Bank · BankWest · Banco Halifax Hispania · Bank of Scotland International · Halifax Ireland · Bank of Scotland (Netherlands) |
| Insurance and Property: | esure · First Alternative · Clerical Medical · rightmove.co.uk · The Mortgage Business · Sheilas' Wheels |
Annual Group Revenue: £10.2 billion GBP ( 14.3% FY 2004) · Employees: ? · Stock Symbol: LSE: HBOS · Website: www.hbosplc.com |
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