Industry Finance Website www.bankofwales.co.uk Parent organization Lloyds Banking Group | Products Financial services Founded 1971 | |
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Type Division of Bank of Scotland | ||
The Bank of Wales (Welsh: Banc Cymru) is a trading division of Bank of Scotland plc which provides savings products through life insurance intermediaries.
History
The Bank of Wales was founded by Sir Julian Hodge in 1971. The company provided commercial banking services to small and medium-sized businesses in Wales.
From the outset Sir Julian Hodge wanted the company to be called the Bank of Wales, but the compromise title Commercial Bank of Wales (Welsh: Banc Masnachol Cymru) was adopted following objections from the Registrar of Companies and the Bank of England, who claimed that the proposed name would imply a central bank. The company was eventually officially renamed Bank of Wales in December 1986. By the year 2000 it had seven regional offices and assets of over £460 million.
The Bank started its life on St Mary Street, but in 1989 moved to Kingsway in a brand new landmark building opposite Cardiff Castle, which later became inhabited by the Welsh Development Agency.
The bank was taken over by the Bank of Scotland in 1986 and ceased trading under the Welsh brand in 2002. In 2009, Geraint Talfan Davies, chairman of the Institute of Welsh Affairs, said that the banking crisis showed the need for the revival of the brand.
In December 2014 Lloyds Banking Group announced that it would re-establish the Bank of Wales as a savings provider.