The Bank of Scotland’s history stretches back to 1695 when an Act of the Scottish Parliament decreed its establishment. The bank opened for business in February 1696 making it one year junior to the Bank of England. fastcashways Unlike the latter, which was set up in order to finance English governmental spending, the Bank of Scotland was formed to support Scottish business interests.
In 2001, the bank merged with the Halifax to form HBOS (Halifax Bank of Scotland). In conjunction with its new partner, it now employs 72,000 people across the UK, Ireland Europe and into North America.
After just under 313 years of independent banking, the Bank of Scotland was annexed by the Lloyds Banking Group in January 2009 but continues to operate under its own name and to retain its Scottish head office at The Mound in Edinburgh.
The Bank of Scotland has always issued its own banknotes and, despite its new owners, continues to do so. investor-hour Its latest series was issued in 2007 and the notes are now ‘friendlier’ to the partially-sighted with larger and raised writing. The series features Scottish locations ranging from the Brig o’ Doon for the £5 note to the famous Forth Railway Bridge for the £20 note and Kessock Bridge for the £100 note, the latter being the highest denomination note that the bank issues.
All the standard banking positions are available with the Bank of Scotland – either at the front of the bank dealing with the public, royalearn in investments, or behind the scenes in management, and salaries are comparable to those offered by other banks.
Working for the Bank of Scotland carries with it the following range of benefits, obviously dependent upon level of seniority and years of service:-
Financial – The bank pays 4% over and above the employee’s salary which they are allowed to spend as they choose among a range of perks which include medical and dental plans, discount vouchers for High Street shops, holidays or the option to take it as straight cash. There is also a pension scheme through which the bank matches contributions up to 13% of the salary.
Health – There is a free BUPA online health assessment and also other free services to employees that help with fitness, nutrition, sleep and stress matters. The bank offer reduced cost private health care to its workers and their families. thebusinesssuccesslibrary Some higher ranking positions have this included as part of the salary package.
Investments – Employees are encouraged to take a financial interest in the success of their bank by purchasing shares in the Lloyds Banking Group.
Other perks – The Bank of Scotland finances a company car scheme through which more senior employees may elect to have a company car or receive a cash contribution towards running their own. There are also many High Street offers and discounts available to staff.
