Following the merger of Halifax and Bank of Scotland on 10th September 2001, HBOS has 22 million customers and a relationship with two out of every five households in the UK. With assets of over 380 billion, it is the UK's largest mortgage and savings provider as well as being a major player in the provision of new current accounts and credit cards in the UK. With around 3 million private shareholders, HBOS has the largest private shareholder register in the UK. Profit before Tax for the year ending 31st December 2002 was 3.06 billion. On 4th May 2001, the Boards of Bank of Scotland and Halifax announced that they had agreed to merge to create the HBOS Group. And, within four months, on the 10th September the merger became effective. The combination of Halifax and Bank of Scotland as HBOS creates a major and distinctive competitor in the UK financial services market, having the scale and the expertise to challenge the 'Big 4' clearing banks. HBOS has a substantial customer base and the means of unlocking significant commercial opportunities offered by the partnerships and alliances of Bank of Scotland and Halifax.


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