Description
The Bank of Scotland plc is a commercial and clearing bank based in 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 Kingdom of Scotland.[2]
With a history dating to the end of the 17th century, it is the fifth-oldest extant bank in the United Kingdom (the Bank of England having been established one year earlier), and is the only commercial institution created by the Parliament of Scotland to remain in existence. It was one of the first banks in Europe to print its own banknotes, 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.[3] Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB.
