Goodbye Bank of Scotland

[afleitch]

1695-2008

The oldest bank in the UK, will it is likely dissapear after the shock buy-out by Lloyds. This is a huge blow for our national economy and our national pride. It was a greedy bastard but it had tradition, it employed thousands and it was the pinnacle of the Edinburgh financial sector. It merged with the Halifax in 2001 and kept the two brands seperate.

I hope, I really do hope Lloyds do the same. But it probably won't

There are fears that the other Scottish giant, the Royal Bank of Scotland may be in a similar position.

The Bank of Scotland is my bank. My pennies are safe but I feel strangely upset at it's demise

[Sibboleth]

Yes, it's strange how people get attached to that sort of thing. Always used to get Bank of Scotland and Royal Bank of Scotland confused.

[afleitch]

Yes, it's strange how people get attached to that sort of thing. Always used to get Bank of Scotland and Royal Bank of Scotland confused.

They are known here simply as 'The Bank' and 'The Royal'

If the job and branch losses in Scotland are unfairly disproportionate then I'll probably switch.

[Dan the Roman]

With all due respect screw Gordon Brown. I hope carrion feast upon his entrails. I had 50K in Lloyds stock and he is trying to wipe me out with this awful deal.

[Sibboleth]

So rare (and so amusing) to see the omgmySHARES!!!!!!!!!!111 argument stated openly

[London Man]

No more Howard...

[Sibboleth]

No more Howard...

Finally, some good news!

[afleitch]

No more Howard...

Finally, some good news!

And we still get these

[Dan the Roman]

So rare (and so amusing) to see the omgmySHARES!!!!!!!!!!111 argument stated openly

You see I could care less about the mishandling of Northern Rock, Contempt for the Electorate, and general incompetence. But now I know how the English feel.

[??????????]

Will the name remain? Very sad to see such a historical company go away.

[Fmr. Emperor PiT]

     Is this an isolated issue, or is it the result of a weak economy?

[Sibboleth]

     Is this an isolated issue, or is it the result of a weak economy?

Bank of Scotland was part of HBOS. So it's part of the whole global financial mess (IIRC the practice of "short-selling" has been blamed by quite a few people in this particular case).

[afleitch]

Will the name remain? Very sad to see such a historical company go away.

Indications are that it will, at least in Scotland (otherwise people would probably jump to the Royal Bank of Scotland) It will retain some presence at it's HQ on The Mound, managing the Scottish banks and will continue to prink its own banknotes. Any bank with headquarters in Scotland is allowed to print it's own banknotes. Only three banks can/choose to do this; Bank of Scotland, The Royal Bank of Scotland and the Clydesdale Bank.

[Vasall des Midas]

Will the name remain? Very sad to see such a historical company go away.

Indications are that it will, at least in Scotland (otherwise people would probably jump to the Royal Bank of Scotland) It will retain some presence at it's HQ on The Mound, managing the Scottish banks and will continue to prink its own banknotes. Any bank with headquarters in Scotland is allowed to print it's own banknotes. Only three banks can/choose to do this; Bank of Scotland, The Royal Bank of Scotland and the Clydesdale Bank.

Yeah, I loved the variety of money in Scotland. (Although I can't recall any Clydesdale notes). And I immensely enjoyed paying with Scottish pounds south of the border.

[Fmr. Emperor PiT]

     Is this an isolated issue, or is it the result of a weak economy?

Bank of Scotland was part of HBOS. So it's part of the whole global financial mess (IIRC the practice of "short-selling" has been blamed by quite a few people in this particular case).

     Disturbing.

[afleitch]

http://www.scotsman.com/latest-national-news/Government-considering-HBOS-options.4981001.jp

After a shares plunge the government may have to nationalise the Lloyds Banking Group

Remember that the government backed the takeover of HBOS blocked the competition commissions concerns, blocked the attempted buyout of the Bank of Scotland by businessmen, brushed aside the Scottish Governments suggestion that the Bank of Scotland  be nationalised as a single entity and rubber stamped this buyout all the way....

Well now it may have brought down what was Lloyds TSB with it.

Cheers Gordon.

[Beet]

e.g., "Halifax Bank of Scotland" (HBOS- though the Halifax portion appears to be taken out during the Reorganisation Act)

Formation of HBOS

In the late 1990s, the UK financial sector market underwent a period of consolidation on a large scale. Many of the large building societies were demutualising and becoming banks in their own right or merging with existing banks. For instance Lloyds Bank and TSB Bank merged in 1995 to create Lloyds TSB.[9] In 1999, the Bank of Scotland made a takeover bid for the NatWest Bank.[10] Since the Bank of Scotland was significantly smaller than the English-based NatWest, the move was seen as an audacious and risky move. However, the Royal Bank of Scotland tabled a rival offer, and a bitter takeover battle ensued, with the Royal Bank the victor.[11]

The Bank of Scotland was now the centre of other merger opportunities. A proposal to merge with the Abbey National was explored, but later rejected.[12] In 2001, the Bank of Scotland and the Halifax agreed a merger to form HBOS ("Halifax Bank of Scotland").[13] The headquarters was to stay in Edinburgh, and both bank's brands would continue to be used.

http://en.wikipedia.org/wiki/Bank_of_Scotland

Apologies but some Americans may be confused.

[Peter]

There'll be a run on Monday morning, forcing the government to nationalise by Tuesday.

[afleitch]

There'll be a run on Monday morning, forcing the government to nationalise by Tuesday.

The only good to come of that (from my POV) is that Bank of Scotland can be sold off seperately when the time comes.