Menu
18/06/2010
Halifax Bank Makes 'Final Withdrawal'
The anticipated withdrawal of the Halifax bank from the Irish market is now taking place after it was announced in February this year.
Some 750 job losses are anticipated as Bank of Scotland Ireland began closing its Halifax bank branch network today.
Bank of Scotland Ireland said it was closing its Irish retail network as part of a reshaping of its business due to the economic climate.
Today, 21 of the 44 Halifax branches will close, with the remaining 23 branches shutting next Wednesday.
Bank of Scotland Ireland (BoSI) also shut its intermediary business, which provided mortgages through brokers.
The bank, a unit of Lloyds Banking Group since its rescue takeover of HBOS in late 2008, had been carrying out a review of its operations since early last year.
Lloyds has pumped almost €3.5bn into BoSI since then as loan losses on its estimated €12bn property and construction loan book spiral.
BoSI withdrew all Halifax retail products, such as mortgages, current accounts and personal loans, and intermediary products, including mortgages, motor finance and commercial asset finance.
All told, some €10bn of retail loans will be run down over time, even as the bank continues to honour the terms of existing loans.
(BMcC/GK)
Some 750 job losses are anticipated as Bank of Scotland Ireland began closing its Halifax bank branch network today.
Bank of Scotland Ireland said it was closing its Irish retail network as part of a reshaping of its business due to the economic climate.
Today, 21 of the 44 Halifax branches will close, with the remaining 23 branches shutting next Wednesday.
Bank of Scotland Ireland (BoSI) also shut its intermediary business, which provided mortgages through brokers.
The bank, a unit of Lloyds Banking Group since its rescue takeover of HBOS in late 2008, had been carrying out a review of its operations since early last year.
Lloyds has pumped almost €3.5bn into BoSI since then as loan losses on its estimated €12bn property and construction loan book spiral.
BoSI withdrew all Halifax retail products, such as mortgages, current accounts and personal loans, and intermediary products, including mortgages, motor finance and commercial asset finance.
All told, some €10bn of retail loans will be run down over time, even as the bank continues to honour the terms of existing loans.
(BMcC/GK)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
22 March 2024
Northern Ireland's Best Areas For Broadband Revealed
West Belfast has been named the Northern Ireland area with the best broadband, according to a new study. The experts at Getac – Rugged Computing Solutions analysed data from Ofcom Connected Nations 2023 to reveal the spots with the best broadband.
Northern Ireland's Best Areas For Broadband Revealed
West Belfast has been named the Northern Ireland area with the best broadband, according to a new study. The experts at Getac – Rugged Computing Solutions analysed data from Ofcom Connected Nations 2023 to reveal the spots with the best broadband.
10 September 2001
Halifax Bank of Scotland shares make a solid start
Share trading in HBOS, the bank formed through the merger of Halifax and Bank of Scotland, has made a solid start on its first day of trading. Despite a depressed market, the bank’s shares opened at 827p, with analysts predicting shares to fare well, setting a price range forecast over the next year of between 750p and 1,035p.
Halifax Bank of Scotland shares make a solid start
Share trading in HBOS, the bank formed through the merger of Halifax and Bank of Scotland, has made a solid start on its first day of trading. Despite a depressed market, the bank’s shares opened at 827p, with analysts predicting shares to fare well, setting a price range forecast over the next year of between 750p and 1,035p.
31 July 2001
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
-
Northern Ireland WeatherThis Evening and Tonight:Dry with clear skies this evening. Patchy cloud will increase at times overnight, but some clear spells too. Light winds and some patchy shallow mist or fog towards dawn. Minimum temperature 2 °C.
