Wednesday, September 17, 2008
72,000 Employees at HBOS
The Bank of Scotland is the UK's oldest commercial bank, 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 in 2001 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.