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On the 10th September 2001 Halifax Group plc and Bank of Scotland merged to form HBOS plc.
The HBOS plc Website provides details of the group's activities.
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The combination of Halifax and Bank of Scotland to create HBOS plc creates a major and distinctive competitor in the UK financial services market, having the scale and expertise to challenge the traditional 'Big 4' clearing banks. HBOS has a substantial customer base and the means to unlock significant commercial opportunities through the partnerships and alliances of Bank of Scotland and Halifax.
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"Banks have made far too high returns in a mature market, based on being less than frank with customers and delivering a less than electrifying service. It's time for a change"
Group Chairman, Dennis Stevenson
(The Lord Stevenson of Coddenham CBE)
Companies that prosper need to remember that they have no right to the loyalty of customers - they must earn it through the best strategies, products and service, delivered by outstanding people. The HBOS Group is that sort of business.
An era of substantial value creation for shareholders derived primarily from customer inertia is rapidly being replaced by one of consumer led competition. In everything we do we seek to take our business closer to that consumer.
The UK's most comprehensive new channel strategy is seeing the HBOS Group make major investments in the new ways in which customers will want to trade with us. Business by phone and on the net is now a substantial part of our distribution mix and the HBOS Group has advanced product capability in these growth areas.
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Number one positions in mortgages and savings are complemented by a full range of businesses that serve the needs of the Consumer Credit, Personal Lines Insurance, Long Term Savings and Treasury sectors. The merger of Halifax and Bank of Scotland to form HBOS plc also added scale of operations in corporate and SME banking.
In many areas we act as a new entrant in other people's markets. We are aggressive and bold with new products and make no apology for striving to deliver better value to our competitors' customers than they are prepared to do.
The strategy for the HBOS Group is therefore to use our strengths and focus on making sure we deliver the best performance of any in our peer group, and hold on to our customers by giving them real value and superb service.
"With the creation of HBOS, we have a tremendous opportunity to become the UK's leading provider of financial services. We have the resources to challenge the way traditional insurance and investment businesses are run and, in doing so, to capture the imagination of our customers and the market."
Phil Hodkinson, Chief Executive
(Long Term Savings and Insurance)
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