From Wikipedia, the free encyclopedia
Trading name for Bank of Scotland plc
The
Bank of Wales
(
Welsh
:
Banc Cymru
) was a commercial bank in Wales which was founded in 1971. The bank was taken over by the
Bank of Scotland plc
in 1986 and ceased trading under the Welsh brand in 2002. It is now a trading name used by Bank of Scotland plc, a subsidiary of
Lloyds Banking Group
.
History
[
edit
]
The Bank of Wales was founded by
Sir Julian Hodge
in 1971. The company provided commercial banking services to small and medium-sized businesses in Wales.
[1]
From the outset Sir Julian Hodge wanted the company to be called the Bank of Wales, but the compromise title
Commercial Bank of Wales
(
Welsh
:
Banc Masnachol Cymru
) was adopted following objections from the Registrar of Companies and the
Bank of England
, which claimed that the proposed name would imply a
central bank
.
[1]
The company was eventually officially renamed
Bank of Wales
in December 1986. By the year 2000 it had seven regional offices and assets of over £460 million.
[1]
The Bank started its life on
St Mary Street
, but in 1989 moved to Kingsway in a brand-new landmark building opposite Cardiff Castle that later became the headquarters of the
Welsh Development Agency
.
The bank was taken over by the
Bank of Scotland
in 1986 and ceased trading under the Welsh brand in 2002.
[1]
In 2009
Geraint Talfan Davies
, Chairman of the
Institute of Welsh Affairs
, said that the
banking crisis
showed the need for the revival of the brand.
[2]
In 2014
Lloyds Banking Group
announced that it would re-establish the Bank of Wales as a savings provider.
[3]
Its savings products were only available through a selected panel of life assurance companies. As of June 2021, these products are no longer available.
[4]
See also
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References
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External links
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Retail
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Commercial
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Consumer
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Insurance
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- Lloyds Bank General Insurance (underwriter)
- Lloyds Bank Insurance Services (intermediary)
- Scottish Widows
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Former
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Legislation
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Other
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