01/03/2006
HBOS announces plans to open 100 Halifax branches
HBOS, the bank created by the merger of Halifax and Bank of Scotland, has announced plans to open 100 new branches of the Halifax.
The new branches will open across the south of England over the next five years, creating 1,500 in the process.
The first new branch will open in Cannon Street in the City of London, followed by another eleven branches later this year, including ones in Norwich, Old Broad Street and Fenchurch Street in London, subject to planning and landlord consents.
The branch-opening programme is the largest of its kind in the UK banking sector for many years and also the biggest network expansion by the Halifax since the 1970s.
Under the new plans, a new Halifax branch will open approximately every fortnight for the next five years. Around 50 of the branches will be in towns where there has previously been little or no Halifax presence, while the other 50 will involve existing branches moving to bigger, better locations in the same towns.
Each branch will have around 19 banking staff, including mortgage and investment advisers.
HBOS said that the branch expansion underlined the group's commitment to achieving its medium term market share target of 15% - 20% in all its core retail markets, such as current accounts, savings and investments.
Andy Hornby, who replaces James Crosby as chief executive in April, said: "Branches are at the heart of retail banking. We need more branches in the south of England and now we will have them.
"The right branch coverage really helps us to deliver our market share targets. This is a big opportunity for us to continue to win customers from the big four banks."
Halifax currently has approximately 1,000 branches and estate agencies across the country. The expansion adds up to around a 15% increase in the Halifax's representation in the south of England.
(KMcA/GB)
The new branches will open across the south of England over the next five years, creating 1,500 in the process.
The first new branch will open in Cannon Street in the City of London, followed by another eleven branches later this year, including ones in Norwich, Old Broad Street and Fenchurch Street in London, subject to planning and landlord consents.
The branch-opening programme is the largest of its kind in the UK banking sector for many years and also the biggest network expansion by the Halifax since the 1970s.
Under the new plans, a new Halifax branch will open approximately every fortnight for the next five years. Around 50 of the branches will be in towns where there has previously been little or no Halifax presence, while the other 50 will involve existing branches moving to bigger, better locations in the same towns.
Each branch will have around 19 banking staff, including mortgage and investment advisers.
HBOS said that the branch expansion underlined the group's commitment to achieving its medium term market share target of 15% - 20% in all its core retail markets, such as current accounts, savings and investments.
Andy Hornby, who replaces James Crosby as chief executive in April, said: "Branches are at the heart of retail banking. We need more branches in the south of England and now we will have them.
"The right branch coverage really helps us to deliver our market share targets. This is a big opportunity for us to continue to win customers from the big four banks."
Halifax currently has approximately 1,000 branches and estate agencies across the country. The expansion adds up to around a 15% increase in the Halifax's representation in the south of England.
(KMcA/GB)
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