Bank of Scotland

This article is about the commercial and clearing bank. For banks in Scotland, see List of banks in Scotland. For state-owned investment bank, see Scottish National Investment Bank. For the central bank of Scotland, see Bank of England.
Not to be confused with Royal Bank of Scotland.

Bank of Scotland plc
Native name
Banca na h-Alba (Gaelic)
Bank o Scotland (Scots)
Company typePublic limited company
IndustryFinancial services
FoundedThe Governor and Company of the Bank of Scotland
17 July 1695; 329 years ago (1695-07-17)
HeadquartersEdinburgh, Scotland, UK
ProductsBanking and Insurance
Total assets£359 billion (2016) [1]
Number of employees
20,000
ParentLloyds Banking Group
Divisions
WebsiteBank of Scotland

The Bank of Scotland plc (Scottish Gaelic: Banca na h-Alba) is a commercial and clearing bank based in Edinburgh, Scotland, and is part of the Lloyds Banking Group. The bank was established by the Parliament of Scotland in 1695 to develop Scotland's trade with other countries, and aimed to create a stable banking system in the United kingdom .[2] The bank is the ninth oldest bank in continuous operation.[3]

With a history dating to the end of the 17th century, the Bank of Scotland was the first bank to have been established in Scotland, and,[4] it is the fifth-oldest extant bank in the United Kingdom (the Bank of England having been established one year earlier). It is the only commercial institution created by the Parliament of Scotland, when Scotland was an independent, sovereign state, to remain in existence. It was the first bank in Europe to successfully print its own banknotes,[5] and it continues to print its own sterling banknotes under legal arrangements that allow Scottish banks to issue currency.

In June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the bank's structure to be simplified. As a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007.[6] Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB.

  1. ^ Companies House (29 November 2020). "Companies Accounts". Companies House. Retrieved 29 November 2020.
  2. ^ "Bank of Scotland". Archived from the original on 27 May 2022. Retrieved 15 May 2022.
  3. ^ "10 oldest operational banks in the world". The Business Standard. 30 November 2020. Retrieved 21 June 2024.
  4. ^ "BOS - Internet Banking - Unavailable". www.bankofscotland.co.uk. Retrieved 1 June 2024.
  5. ^ "BOS - Internet Banking - Unavailable". www.bankofscotland.co.uk. Retrieved 1 June 2024.
  6. ^ "Bank of Scotland plc". Companies House. Archived from the original on 30 November 2020. Retrieved 12 November 2020.