It was one of the first banks in Europe to print its own banknotes, and it continues to print its own sterling banknotes under legal arrangements that allow Scottish banks to issue currency.

In response, the Bank of Scotland itself began to open branches throughout Scotland.įollowing the Acts of Union in 1707, the bank supervised the reminting of the old Scottish coinage into Sterling. Although the 'Bank Wars' ended in around 1751, competition soon arose from other sources, as other Scottish banks were founded throughout the country. This led to a period of great competition between the two banks as they tried to drive each other out of business. Its first rival, the Royal Bank of Scotland, was formed by royal charter in 1727. The Bank of Scotland was suspected of Jacobite sympathies. 18th and 19th centuries Golden statue of Fame on top of the main dome, Bank of Scotland Head Office, Edinburgh by John Rhind Its first chief accountant was George Watson. John Holland, an Englishman, was one of the bank's founders. The founding Act granted the bank a monopoly on public banking in Scotland for 21 years, permitted the bank's directors to raise a nominal capital of £1,200,000 pound Scots (£100,000 pound sterling), gave the proprietors (shareholders) limited liability, and in the final clause (repealed only in 1920) made all foreign-born proprietors naturalised Scotsmen 'to all Intents and Purposes whatsoever'. Whereas the Bank of England was established specifically to finance defence spending by the English government, the Bank of Scotland was established by the Scottish government to support Scottish business, and was prohibited from lending to the government without parliamentary approval. Although established soon after the Bank of England (1694), the Bank of Scotland was a very different institution. The Governor and Company of the Bank of Scotland was established by an Act of the Parliament of Scotland on 17 July 1695, the Act for erecting a Bank in Scotland, opening for business in February 1696. History Establishment Bank of Scotland coat of arms, Head Office, The Mound, Edinburgh Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB. As a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007. In June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the bank's structure to be simplified. With a history dating to the end of the 17th century, it is the fifth-oldest extant bank in the United Kingdom (the Bank of England having been established one year earlier), and is the only commercial institution created by the Parliament of Scotland to remain in existence. The bank was established by the Parliament of Scotland in 1695 to develop Scotland's trade with other countries, and aimed to create a stable banking system in the Kingdom of Scotland.

The Bank of Scotland plc ( Scottish Gaelic: Banca na h-Alba) is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group.

Bank tsb uk polska infolinia 2016