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HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. [1] 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. It was also the UK's largest mortgage lender. [2]
The 1980s saw a radical shake up of the financial sector in the UK. New legislation allowed building societies to demutualise and increase their range of services to compete with traditional banks. The Halifax began to offer retail banking, stock broking and insurance products. But 1997 was the key turning point.
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.
Nov 19, 2015 · HBOS became part of the Lloyds Banking Group and needed a £20.5bn injection from UK taxpayers to prevent it from crashing. The three men at the top of the organisation; chairman, Lord Stevenson...
Rights issue. 2 new shares for every 5 HBOS plc shares held at 275 pence per new share. Record date: 19 June 2008 Closing date: 18 July 2008. Name change. No lapsed rights payment. Lloyds TSB Group plc changed its name to Lloyds Banking Group plc on 16 January 2009 following the acquisition of HBOS plc. New shares issued: 21 July 2008.
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In January 2009, in the midst of a global financial crisis, Lloyds TSB took over HBOS plc. The new company instantly became the largest retail bank in the UK. Lloyds Banking Group today serves more than 25 million customers, and brings together a host of well-known brands.
The failure of HBOS can ultimately be explained by a combination of factors: Its Board failed to instil a culture within the firm that balanced risk and return appropriately, and lacked suficient experience and knowledge of banking.
