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HBOS PLC
Public (LSE: HBOS)
Founded2001
HeadquartersEdinburgh, Scotland, UK
Key peopleDennis Stevenson, Chairman
Andrew Hornby, CEO
IndustryFinance and Insurance
ProductsFinancial Services
Revenue£11,991 million (2006)
Operating income£5,341 million (2006)
Net income£3,939 million (2006)
Employees72,000
Websitewww.hbosplc.com


Enlarge picture
Group headquarters on The Mound, Edinburgh
Enlarge picture
HBOS Office at Trinity Road, Halifax


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.

History

Formation

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.

HBOS Group Reorganisation Act 2006

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.

Structure

HBOS has 3 main subsidiaries:
  • Bank of Scotland plc
  • HBOS Australia
  • HBOS Insurance & Investment Group Limited

Bank of Scotland plc

Bank of Scotland plc is the banking division of the HBOS group, and operates the following brands,

United Kingdom

International

HBOS Australia

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

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

References

1. ^ [ [1] Bank of Scotland, Halifax tie knot]. All Business. Retrieved on 2007-07-02.

External links

HBOS Group
 •  • [ e]
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


 •  • [ e]
FTSE 100 companies of the United Kingdom
As of 28 June 2007. 3i Alliance & Leicester Anglo American Antofagasta Associated British Foods AstraZeneca Aviva BAE Systems BG Group BHP Billiton BP BT Group Barclays Bank Barratt Developments British Airways British American Tobacco British Energy Group British Land Company British Sky Broadcasting Group Cable & Wireless Cadbury Schweppes Capita Group Carnival Centrica Compass Group DSG International Daily Mail and General Trust Diageo Drax Group Enterprise Inns Experian Friends Provident GlaxoSmithKline HBOS HSBC Hammerson Hanson Home Retail Group ICAP ITV Imperial Chemical Industries Imperial Tobacco InterContinental Hotels Group International Power INVESCO Johnson Matthey Kazakhmys Kelda Group Kingfisher Land Securities Group Legal & General Liberty International Lloyds TSB Lonmin Man Group Marks & Spencer Mitchells & Butlers Wm Morrison Supermarkets National Grid Next Northern Rock Old Mutual Pearson Persimmon Prudential Punch Taverns Reckitt Benckiser Reed Elsevier Resolution Reuters Group Rexam Rio Tinto Group Rolls-Royce Group Royal & Sun Alliance Insurance Royal Bank of Scotland Group Royal Dutch Shell SABMiller Sage Group J Sainsbury Schroders Scottish & Newcastle Scottish & Southern Energy SEGRO Severn Trent Shire Pharmaceuticals Group Smith & Nephew Smiths Group Standard Chartered Bank Standard Life Tate & Lyle Tesco Unilever United Utilities Vedanta Resources Vodafone WPP Group Whitbread Wolseley Xstrata Yell Group
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Edinburgh
Gaelic - Dùn Èideann
Scots - Edinburgh[1]
Auld Reekie, Athens of the North


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Motto
Nemo me impune lacessit   (Latin)
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"Cha togar m'fhearg gun dioladh"   
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"Dieu et mon droit" [2]   (French)
"God and my right"
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"God Save the Queen" [3]
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Pound sterling

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Pound sterling

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User(s) United Kingdom, Crown dependencies

Inflation 1.8% (UK CPI, August 2007), 4.1% (UK RPI), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.
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Motto
"Dieu et mon droit" [2]   (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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A holding company is a company that owns part, all, or a majority of other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself, rather its only
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Bank of Scotland plc

Public limited company
Founded 1695
Headquarters Edinburgh, Scotland, UK

Industry Finance and Insurance
Products Financial Services
Employees 20,000
Owner HBOS plc
Website www.bankofscotland.co.
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Bank of Western Australia

Private
Founded (1895) Perth, Western Australia
Headquarters BankWest Tower
Perth

Key people Rodger McArthur (MD)
Paul Clark
Ian Corfield
Industry Banking and Financial Services
Products Transaction Account
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Acronyms and initialisms are abbreviations, such as NATO, laser, and IBM, that are formed using the initial letters of words or word parts in a phrase or name.
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Edinburgh
Gaelic - Dùn Èideann
Scots - Edinburgh[1]
Auld Reekie, Athens of the North


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Motto
Nemo me impune lacessit   (Latin)
"No one provokes me with impunity"
"Cha togar m'fhearg gun dioladh"   
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Halifax

Halifax, West Yorkshire ()
|240px|Halifax, West Yorkshire (

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