HBOS (UK)

Until the summer of 2008, HBOS (Halifax Bank of Scotland) liked to regard itself as the challenger to the UK's traditional high street banks owned by the so-called "Big Four" of HSBC, RBS, Barclays and Lloyds TSB. In reality, it was already well and truly part of the establishment. Formed in 2001 from the merger of two separate banks each strong in its own specialist area, HBOS had by 2007 risen to become the UK's #4 financial services business by assets. Halifax brought with it the UK's biggest mortgage lending portfolio, while Bank of Scotland was strong in small business lending and had dynamic trading partnerships with the likes of Sainsbury and the AA.

However, the dramatic economic problems originating in the US subprime mortgage sector had a devastating effect on HBOS during 2008. These woes were exacerbated by a collection of extraordinarily risk investments in UK commercial property. Because of its reliance on increasingly hard-pressed capital markets, HBOS came perilously close to being unable to pay for its day-to-day debts, causing confidence in the bank to plunge. Following a catastrophic collapse in its share price by September 2008, HBOS agreed to be taken over by rival Lloyds TSB. That deal was completed in January 2009, and the group's assets and operations were integrated with their counterparts at Lloyds.

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Competitors: see Financial & Insurance Sector index for other companies

The Adbrands Company Profile of HBOS summarises the company's history and current operations, and contains the following links:

HBOS (Halifax Bank of Scotland) website

Halifax	St James's Place Capital
Bank of Scotland	Halifax Equitable
Clerical Medical	esure
Intelligent Finance	Sainsbury's Bank
Birmingham Midshires	Bank of Wales

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