Origins:
- In 1853, the Halifax Permanent Benefit Building Society was established in Halifax, England, by Dr. John Crossley and other local businessmen.
- Its primary purpose was to provide affordable mortgage loans to members of the community, particularly those belonging to the working class.
Building Society Era:
- Halifax operated as a building society for over a century.
- During this time, it grew to become one of the largest building societies in the United Kingdom.
- Building societies focused on providing mortgages and savings products to their members, and they were not considered full-fledged banks.
Transition to Bank:
- In 1997, Halifax Building Society underwent a significant change.
- It converted from a building society into a public limited company, becoming known as Halifax plc.
- This transformation allowed Halifax to expand its financial services and offer a broader range of banking products.
Merger with Bank of Scotland:
- In 2001, Halifax plc merged with Bank of Scotland to form the Halifax Bank of Scotland (HBOS).
- The merger created one of the largest banking groups in the United Kingdom.
Acquisition by Lloyds TSB:
- In 2009, during the global financial crisis, Lloyds TSB acquired HBOS, including Halifax Bank.
- As a result, Halifax Bank became part of the Lloyds Banking Group, one of the largest financial services groups in the United Kingdom.
Today, Halifax continues to operate as a retail banking brand within Lloyds Banking Group. It provides a range of banking products and services, including personal banking, mortgages, loans, savings accounts, and insurance, to customers across the United Kingdom.