Halifax
Halifax (previously known as Halifax Building Society) is a British banking brand operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group.
It is named after the town of Halifax, West Yorkshire where it was founded as a building society in 1853. By 1913 it had developed into the UK's largest building society and continued to grow and prosper and maintained this position within the UK until 1997 when it demutualised.
In 1997 it became Halifax plc, a public limited company which was a constituent of the FTSE 100 Index. In 2001 Halifax plc merged with The Governor and Company of the Bank of Scotland, forming HBOS. In 2006, the HBOS Group Reorganisation Act 2006 legally transferred the assets and liabilities of the Halifax chain to Bank of Scotland which became a standard plc, with Halifax becoming a division of Bank of Scotland. A takeover of HBOS by Lloyds TSB was approved by the Court of Session on 12 January 2009, and on 19 January 2009 Bank of Scotland, including Halifax, formally became part of Lloyds Banking Group.
The Halifax was formed in 1853 as the Halifax Permanent Benefit Building and Investment Society. The idea was thought up in a meeting room situated above the Old Cock Inn close to the original Building Society building .Like all early building societies, the purpose of the society was for the mutual benefit of local working people. Investors with surplus cash would invest in the society to receive interest, and borrowers could access loans to fund the purchase of a house.
Unlike many British building societies which grew large by acquisitions and mergers, the Society chose an organic form of growth, and proceeded to open branches throughout the UK. By 1913, it was the largest building society in the UK. The first office in London opened in 1924; and the first offices in Scotland in 1928.
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