The Bank of the Scotland is the latest victim to fall prey to the global credit crunch
It’s the credit crunch that just keeps on crunching. Latest victim – the Bank of Scotland, established in 1695, and the institution that invented banking as we know it in a Western sense.
Got an overdraft? You can thank the Bank of Scotland for that innovation and plenty more. The bank, known as HBOS after its merger with English bank Halifax, is the biggest home lender in the UK. And now, merged with Lloyds TSB, it will become even bigger.
But at what cost, and why? The cost to Scotland at this stage is unknown, though it’s inconceivable that no jobs will be lost. Some say with a Scottish Prime Minister and a Scottish Chancellor, pressure will be brought to bear on Lloyds to ensure there are not major cuts north of the Border.