John Holland (banker) John Holland (1658-1722) was and English banker. He is best known as the founder of the Bank of Scotland in 1695. The headquarters of the Bank of Scotland in Edinburgh, founded by Holland in 1695 Holland was a merchant of the Staple, and probably a member of the Mercers' Company, London. He had partially retired when, on the suggestion of a Scottish friend, he projected the Bank of Scotland which was established by act of the Scottish parliament in 1695, in the name of the Governor and Company of the Bank of Scotland.
The new bank opened its first branches in 1696. The bank made at first slow progress, with opposition from the African Company, which started a banking business in defiance of the bank's charter, and from the Bank of England. Attribution. Bank of Scotland. 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. Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB. History[edit] Establishment[edit] 18th and 19th centuries[edit] The Bank of Scotland was suspected of Jacobite sympathies.[1] Its first rival, The Royal Bank of Scotland was formed by royal charter in 1727.[1] This led to a period of great competition between the two banks as they set to drive each other out of business.[1] Although the "Bank Wars" ended in around 1751,[1] competition soon arose from other sources, as other Scottish banks were founded throughout the country.[1] In response, the Bank of Scotland itself began to open branches throughout Scotland. 20th century[edit] International expansion[edit]
Lloyds Banking Group plc - Bank of Scotland. The outbreak of war meant the Bank had to refocus its policies on national need. The inter-war years proved difficult too, and it was only after the Second World War that the economic climate improved. The 1950s sparked a series of mergers and acquisitions right across the financial sector. Bank of Scotland began this phase of its development by merging with the Glasgow-based Union Bank of Scotland in 1955. Three years later, it expanded into consumer credit with the acquisition of North West Securities (later Capital Bank). Then in 1971, it merged with the British Linen Bank. The '50s also heralded the age of computerisation, which was to revolutionise British banking. Overseas Development and Subsequent Mergers The Bank was swift to appreciate the massive potential of North Sea Oil. In 2001, Bank of Scotland merged with the Halifax to form HBOS plc.
Its registered office, and Scottish headquarters, is the historic Bank of Scotland building on The Mound, Edinburgh. Further Information. History of Banking in Scotland. IN presenting a reprint of this work, the writer desires to acknowledge the appreciative spirit in which the first edition was received. He has endeavoured to give effect to the kindly criticism which was evoked; and to supply to some extent what was lacking in the first essay.
It has been a great pleasure to him to find that what was a labour of love has been of service to the students, and of occasional interest to the older members of the banking profession. If the present emendation prove as helpful as he is assured the original effort has proved, he will be abundantly satisfied. THE substance of the following pages appeared as a series of articles in a financial magazine during the years 1880-83. These articles are now presented in a collected form, after revision and extension, in the hope that they may be of service to those who are interested in the progress of Scottish banking. Contents. Scotland | History: Royal Bank of Scotland. The Royal Bank of Scotland has not escaped the problems encountered by banking systems throughout the world.
Here, the BBC Scotland news website outlines the bank's history from its promising beginnings in the early 1700s to announcing the largest annual loss in UK corporate history in 2009. RBS announced that its 2008 loss totalled £24.1bn ($34.2bn), the largest in UK corporate history. The bulk of the loss stemmed from a £16.2bn write-down of assets, which was mainly linked to its purchase of Dutch bank ABN Amro in 2007. It also said it would put £325bn of toxic assets into a scheme that offers insurance for any further losses, and said the Treasury was also injecting a further £13bn into the bank. RBS also came under fire after it emerged its former boss Sir Fred Goodwin was already drawing a pension of £650,000 a year.
The bank's former bosses appeared before MPs on the Treasury Select Committee to explain their role in the banking crisis. Mr Hamilton then abandoned the case. 1990s 1980s. Bank of Scotland - Online personal banking - Banking services. Current Banknotes : Bank of Scotland - The Committee of Scottish Bankers (CSCB) Bank of Scotland currently has two series of banknotes in circulation: the Bridges Series and the Tercentenary Series. The Bridges Series, which was launched in September 2007, will eventually replace the Tercentenary Series but, in the meantime, both series will be in circulation side by side until the old series notes become unfit for circulation. To obtain detailed information about the design and security features of each note in either the Bridges or the Tercentenary series please select the appropriate image below. Bridges Series Tercentenary Series Background information about Bank of Scotland’s banknote designs is available by clicking on the following links: Bridges Series or Tercentenary Series.
Contact details: If you require advice on any matter related to Bank of Scotland banknotes please visit their website or contact them either by email at $LBGCashAuditGovernance@lloydsbanking.com or by telephone on 0131 666 3637. Scottish Banking History - The Committee of Scottish Bankers (CSCB) In the first decade of the twenty first century, some three hundred years after its initiation, the Scottish banking system still retains many characteristics which mark it as distinct, and in some respects, unique. That this should be the case is a matter of particular interest to anyone interested in the history of banking in Scotland.
The Formation of Scottish Banks The history of Scottish banking dates from the formation of Bank of Scotland in Edinburgh in 1695. It was a great age for the promotion of new business ventures and the Bank of England was founded the preceding year by a Scotsman, William Paterson. The monopoly powers of Bank of Scotland were allowed to lapse in the early 18th century and in 1727 The Royal Bank of Scotland was founded, also in Edinburgh. Elsewhere in Scotland some banking services, such as discounting and exchange, were provided by merchants. The problem was that the two Edinburgh banks concentrated the provision of most of their credit in Edinburgh. British Banking History Society. The Bank of Scotland was founded by An Act of the Parliament of Scotland passed on 17 July 1695, and celebrated its tercentenary in 1995. Its initial nominal capital was set at £1.2 million Scots, (£100,000 sterling) and began trading on a paid up capital of just ten per cent of that figure.
The proprietors (as the Bank's shareholders are called) were granted limited liability, and to make doubly certain that the Bank would remain Scottish, the last clause of the founding Act provided that any foreigner who took a holidng worth £1,000 Scots could claim Scottish nationality. The latter clause was only eliminated in the Bank of Scotland (1920) Act. For these reasons the Bank still trades under its founding legal title as "The Governor and Company of the Bank of Scotland", and has never therefore been required to register as a limited company in either Scotland or England. Bank of Scotland as it stands is the result of a series of takeovers and amalgamations. Alan Cameron, Bank Archivist.