Bank Of Scotland

Money is one of the most valuable possessions a person can have. To earn it, one figuratively has to invest blood and sweat. That is why, it is very important to find a trusted and reliable bank not just to keep our money but to make it grow it as well. One option is to deposit it in a commercial bank, where one could not only grow his or her money but also help other people earn it through bank loans. How? Commercial banks exist to make profits from loans lent to commercial and industrial businesses and the more profit they earn the higher interest rate they can give to increase your savings, which they use for lending. This way you help not only yourself but other people as well. And one of the most reliable banks to do this kind of business is the Bank of Scotland.

The Bank of Scotland is one of the most trusted banks in the world when it comes to commercial banking. With over $US 36 billion in capital posted in 2004, no one could go wrong in choosing this bank to safely and productively keep his or her money. In fact, the bank is highly ranked among the top 10 best banks in the world in terms of capital. Originally called the Governor and Company of the Bank of Scotland, the bank has gone through a lot of mergers, challenges, and service achievements to make it survive for more than 400 years today.

Established in 1695, the Bank of Scotland is a Scottish commercial bank now operating all over the world. It is the oldest bank in United Kingdom and the only existing commercial institution that the Parliament of Scotland has created during the 17th century. The bank also takes pride with its achievement of being the pioneer in printing and issuing bank notes in Europe. Based in Edinburgh, Scotland, the bank employs about 20,000 people all over the globe and maintains to hold a respectable reputation of being one of the best banks to offer commercial banking services not just in the UK but also all over the world.

History

In a bid to boost Scottish business, the Parliament of Scotland though an act dated July 17, 1695 ordered the creation of the Bank of Scotland, which formally opened in February 1696. The main goal is to establish a bank that would exclusively lend money to private entrepreneurs, who would eventually help boost the economy of Scotland. The Parliament Act granted the bank a full monopoly in public banking for 21 years to help it earn a significant amount of nominal capital coming from savings deposits and investment money from its proprietors that would be used to lend loans to borrowers.

Political events, however, ended the monopoly of the bank and faced its first rival in 1727 with the establishment of Royal Bank of Scotland. With long years of great competition trying to drive each other out of business, the two banks still exist today.

The Bank of Scotland had its first expansion in 1865 when it opened a branch in London, a move pushed by the growing competition in the banking industry, where more banks started to open.

More expansions of the bank were witnessed almost reaching all countries in the world amid various acquisitions and mergers that were done to sustain not just the existence of the bank but its industry leadership as well. The most recent was the merger of Bank of Scotland and Halifax Group forming the Halifax Bank of Scotland (HBOS), which is now the fourth largest bank in the UK in terms of market value. Halifax Bank of Scotland mortgages are also the largest being lent in the UK.

So if you’re a would-be depositor looking for a time-tested bank that would ensure you financial stability and high standard service, the Bank of Scotland could be the best choice.