What Is Halifax Bank Plc in the UK?
The United Kingdom-based Halifax plc is part of the Bank of Scotland and falls under the umbrella of Lloyds Banking Group. It was founded in 1853 in Scotland as a building society to grant home loans. Through mergers and branch expansions it became the largest building society in the UK. In 1997, it registered as a public company to become Halifax plc.
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Deregulation
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The Building Societies Act of 1986 deregulated the UK's building societies, allowing Halifax to diversify its services by offering commercial bank accounts and credit cards.
Going Public
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In 1995 Halifax merged with the Leeds Permanent Building Society and switched two years later from a mutually-owned company to a public limited company (plc).
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Selling Stock
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For the first time in its 144-year existence, Halifax became a member of the London Stock exchange in June 1997.
Extensive Interest
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An estimated 7.5 million people became shareholders of the new Halifax plc after it went public.
HBOS
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In 2001, Halifax merged with the Bank of Scotland to become the Halifax Bank of Scotland, or HBOS, but kept their separate names, and were acquired in 2009 by Lloyds Banking Group.
Financial Difficulties
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The British government acquired 43 percent of Lloyds after giving £17 billion in bailout funds in 2008, although the bank reported that it expected losses due to bad loans to reach £13.5 billion in 2009.
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Resources
- Photo Credit Lloyds Banking Group
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