Latest news with #BankofScotland
Daily Record
16 hours ago
- Business
- Daily Record
Four Bank of Scotland branches to close by end of 2025 as Lloyds axe dozens of sites
Bank closures are a trend that shows no sign of slowing down. Four Bank of Scotland sites have been confirmed as shutting in the coming months as closures continue to dog the industry. High streets across the UK are seeing financial hubs shut at a worrying speed. Since January 2015, more than 6,200 bank branches have closed in the UK, reports The Express. This works out at over 50 closures every month for the past decade. Elderly customers and those who prefer in-person banking to online services are finding it harder and harder as towns continue to lose their banks. Sadly, there seems to be no stopping the trend of the last 10 years. The latest closures have been confirmed by the Lloyds Banking Group, which includes Halifax and Bank of Scotland. Four BOS branches will shut their doors before the end of this year, according to the latest statements from the banking giants. While one of them is in Edinburgh, their Corstorphine site, it is rural bankers who will be hit the most. Following the capital closure on October 29, Pitlochry (October 30), Thornhill (November 3), and Moffat (November 19) will all lose branches. There are also a number of closures for Lloyds themselves, with 50 sites shutting, and Halifax, where 32 branches are expected to be axed. Elsewhere, NatWest has confirmed 54 further branch closures, with Spanish banking giants Santander announcing 42 sites shutting. There are nine Santander branches in Scotland that have closed this summer, with one more, Turiff, also due to shut but with no date confirmed yet. Bucking the trend, a couple of banks have held off on shutting sites, with another confirming they are to open three new branches. HSBC has said it won't have any more closures until at least 2026, while Nationwide announced it will stop any closures until 2028. American firm Metro Bank said it was opening three new branches in Gateshead, Chester, and Salford. Bank of Scotland sites to close Edinburgh (Corstorphine), October 29 Moffat, November 19 Pitlochry, October 30 Thornhill, November 3 Lloyds sites to close Biggleswade, November 5 Blandford Forum, November 10 Bristol Bishopsworth (Church Road), November 6 Bury, October 21 Chard, November 11 Coventry (Foleshill), November 4 Debden, November 12 Dunstable, November 4 East Grinstead, November 12 Feltham, November 4 Ferndown, November 17 Hexham, November 5 Hornchurch, September 11 Kidderminster, October 16 Leeds (Cross Gates), August 20 London Tooting, October 8 Manchester (Newton Heath), November 5 Plymstock, November 4 Pontardawe, November 20 Sheffield (Woodhouse), November 11 Shipston-on-Stour, November 11 Southall, October 15 Stoke-on-Trent (Trent), October 10 Walthamstow High Street, October 22 Halifax sites to close Barrow-in-Furness, September 10 Bexleyheath, October 23 Blackpool (South Shore), October 29 Bolton, November 20 Brentwood, September 10 Bristol (Kingswood), October 8 Carmarthen, October 6 Castleford, September 8 Cirencester, September 25 Crewe, October 14 Derby, October 23 Eltham, October 29 Epsom, September 15 Erdington, September 24 Folkestone, October 9 Hayes (Hillingdon), October 6 Hexham, November 11 Hove, October 20 London Clapham Junction, September 23 Long Eaton, September 18 Manchester (Stretford), October 15 Mold, October 16 Northwich, September 3 Rhyl, September 23 Richmond (Surrey), September 16 Skegness, September 3 Southport, October 7 Stevenage, October 23 Telford, October 22 Walkden, September 25 Wickford, November 10 Woolwich, October 1 NatWest sites to close Garstand, expected to be confirmed later Market Drayton, expected to be confirmed later Willerby, September 22 Abingdon, September 24 Birmingham (Acocks Green), September 16 Ashby-de-la-Zouch, expected to be confirmed later Bicester, September 30 Birmingham (Edgbaston), September 11 Birmingham (Shirley), October 1 Birmingham (Smethwick), September 25 Bridgwater, October 27 Bridport, October 29 Bristol (Fishponds), September 4 Cardiff (Canton), September 16 Cardiff (Llanishen), September 11 Chippenham, October 15 Cirencester, September 17 Cromer, expected to be announced Cwmbran, September 1 Dorchester, October 22 Ely, September 10 Evesham, expected to be confirmed later Halesowen, September 3 Hinckley, September 17 Honiton, October 21 Launceston, expected to be confirmed later Leamington Spa, October 1 Leicester (Melton Road), September 2 Leicester (Oadby), September 10 Leighton Buzzard, October 28 Llangefni, September 4 Lowestoft, October 15 Luton (Leagrave), September 15 Melton Mowbray, September 29 Midsomer Norton, October 8 Mold, October 21 Neath, October 13 Newmarket (Suffolk), September 24 Northampton (Weston Favell Shopping Centre), September 15 Paignton, October 2 Portishead, expected to be confirmed later Rayleigh, September 2 Redditch, October 14 Ringwood, October 1 Romsey, October 13 Stevenage, October 7 Stratford-upon-Avon, October 8 Sudbury, September 30 Torquay, expected to be confirmed later Trowbridge, October 16 Wellingborough, October 7 Wickford, September 18 Wisbech, September 1 Yate, September 25
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Historic Scottish golf club to open new course and clubhouse
Royal Dornoch Golf Club in Sutherland is consistently ranked among the world's finest golf courses, and is now forecasting a 30 per cent rise in advance bookings for the 2026 season compared to the same period last year. To meet this demand, the club has unveiled a master plan designed to reimagine its courses, enhance player facilities and amplify the region's golf tourism appeal. It said: 'At the heart of the vision is a revamped Struie Course, a brand-new 18-hole championship layout on prime Scottish linksland, and two additional short courses – one of which will be ideal for the club's growing junior programme. A state-of-the-art practice facility, a Himalayas-style putting green and the potential for lodges are also in the pipeline. The expansion is expected to create full-time and seasonal jobs once the new courses and accommodation are fully operational. Its new energy-efficient clubhouse funded through a £5 million package from Bank of Scotland's Clean Growth Finance Initiative is on track to open this December. Built to blend sustainability with tradition, the space will include solar panels, battery storage, underfloor heating and a dedicated archive room celebrating the club's history, which dates to 1616. Neil Hampton, general manager at Royal Dornoch, said: 'There's something really special about Royal Dornoch, you can feel the history under your feet. But that doesn't mean standing still. This isn't just about building new courses, it's about shaping what the next 50 years of golf in the Highlands can look like. 'With international visitors inspired by events like the Scottish Open, we're proud to offer a world-class links experience that reflects the scale and passion of the golf season. Supported by the Bank of Scotland and with our new clubhouse nearing completion, we're now perfectly positioned to meet that global interest with facilities to match. It's a special moment for the club, our members and the wider community.' Michael Thomson, relationship director at Bank of Scotland, said: 'Royal Dornoch is a jewel in Scotland's sporting crown - rich in heritage, but never afraid to innovate. What Neil and the team are building isn't just ambitious, it's thoughtful and forward-looking. 'We've proudly supported the club for over 40 years, and I can't wait to see what this next chapter has to offer, from sustainability to new jobs and visitor experiences.' Cottage offering gated access to Royal Troon listed for sale This Troon cottage just on the market for offers over £375,000 is definitely one for the golf fans. Set on a private plot at the end of Crosbie Road and immediately adjacent to Royal Troon, 'The Cottage' has an enviable position within one of the town's most prestigious addresses. There is gated access directly out to the 17th and 18th holes of the Portland Course and there are "views out across this beautiful links course from the lounge windows". The agent said: "This unique location is also within walking distance of the popular seafront, countryside and woodland walks, the amenities of the town centre, and within close proximity of the A77/M77 road network." Money HQ 💷 How you can beat unwittingly falling into 60 per cent tax trap This article appears as part of the Money HQ with Ben Stark newsletter.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
More economic trouble is coming. And there's only one escape route
Unfortunately, although politicians say they like economic growth they generally have no idea how to nurture it and often act in ways which seem designed to slow the economy down. The UK Government's latest Employment Rights Bill is a perfect example. There are many things which encourage faster growth: a stable and not stifling regulatory regime, opportunity, social attitudes to wealth creation. In general the direction of travel for these factors is unhelpful but there is another obvious key factor - arguably more powerful than all the rest - which is curiously overlooked. That is the availability of money. For an entrepreneur to turn a great idea into a fledging business takes money and to grow that business into a company which creates jobs and wealth takes more money still. If we look back to the last period of really strong growth in the UK economy, the mid-1980s to about 2007, a lot of favourable factors were at play but the one which mattered most was that money was available in a way which it isn't today. During that time of strong growth Scotland was extraordinarily lucky to have the Bank of Scotland as its key economic facilitator. RBS may have been bigger but it never fostered growth in the same way as the Bank of Scotland did. A business person needing money for growth could go to see their local bank manager, who actually existed and whose job was to grow the bank's business from their branch. If the amount needed was bigger, you went up to the Head Office on the Mound to see somebody, probably called Gavin, Peter or Colin, who took time to understand your business and provided funding to support its growth. There would have been no Stagecoach or Sports Division able to grow rapidly whilst the founders retained control without Bank of Scotland providing finance based not on lending against assets but against the expected cashflows of the business. No public subsidy was involved, no stupid questionnaires to make sure woke targets were being met, just sensible people making commercial decisions which enabled hundreds of companies to get off the ground and grow. Read more It's time to cast aside prejudice and go for the cash Can anyone truly say the Scottish Parliament been a great success? I can't Who will tell the truth? Economically, we are in a mess The financial crisis of 2008 put paid to all that funding for growth and it has never been replaced. What sank RBS and HBOS was not supporting entrepreneurs but the same good old mistake behind almost all banking crises: too much lending against overvalued property. The price of the state bailout though was the dismantling of a support system which had served us well. The UK and Scottish Governments have tried to put in place schemes which provide sources of investment. The SEIS and EIS schemes where investors receive tax relief when investing in young companies is effective, the various government-backed banks including the Scottish National Investment Bank, rather less so. These new schemes provide equity finance whereas most entrepreneurs want debt; they don't want to give up too much control of their companies. Where debt finance is available for companies it now nearly always requires a personal guarantee from the directors of the borrower which acts as a deterrent and negates the whole point of having a limited liability company. What is needed to increase significantly the supply of money to fund growth is to switch the banking system back on as a major provider of risk funding. This won't happen on its own, the UK Government has to give it a shove. The former Bank of Scotland HQ on The Mound (Image: Newsquest) Each of our banks should be given targets for entrepreneurial lending and their progress monitored and reported on regularly. Entrepreneurial lending needs to be defined but its definition should be broad: lending to a company of up to £10million, the company must be a trading company and not own property or land. No personal guarantees allowed. Keep it simple. What the bank should get in return for this lending is that the interest and fees they earn are not subject to corporation tax. One or more banks will see the opportunity to get tax-free revenue by extending loans which are risker in order to help businesses grow. The regulator's instinct to do everything possible to stop such lending must be curbed. Mistakes must be allowed to be made. Not a spectacular initiative for a politician to announce, no ribbons for them to cut but if something like this was introduced it really would help growth.
The Sun
5 days ago
- Business
- The Sun
Lloyds Bank's profits soar by 5% to £3.5billion – with income climbing to £9.4billion
LLOYDS Banking Group posted a 5 per cent rise in first-half profits, hitting £3.5billion — with income climbing to £9.4billion. Meanwhile TSB, set to be taken over by Santander, reported a 77 per cent jump in net profit year-on-year to £139million. 5 Lloyds — which includes Lloyds Bank, Halifax and Bank of Scotland, rewarded shareholders with a 15 per cent boost to its dividend, totalling £731million, supported by strong lending and deposit growth. Customer deposits grew by £11.2billion after a strong season for ISAs, while more people moved money out of current accounts and into savings. However, boss Charlie Nunn warned Chancellor Rachel Reeves that higher taxes on banks could undermine economic growth. He said: 'It is important when you look at the City of London and the financial services sector that we remain a competitive tax regime.' 5 While Lloyds awaits a Supreme Court ruling on mis-sold car finance commissions, Mr Nunn said the bank continues to make progress on its £3billion transformation. Strong mortgage demand and cost control saw TSB's net interest income rise 7.9 per cent to £518million, while costs fell 6.1 per cent to £364million. HEAT HURTING CENTRICA 5 BRITISH GAS saw its residential supply arm's half-year earnings drop to £133million, from £156million a year ago, after warm weather hit heating demand. April's record warmth cost the Centrica-owned business £50million. Despite the hit, customer numbers rose 1 per cent to 7.5million households. Centrica's wider business reported underlying earnings of £549million, just over half of last year's £1.04billion. Bank of Scotland to Close 22 Branches: A Digital Transformation Boss Chris O'Shea vowed to boost growth via AI, as Centrica invests £1.3billion in Suffolk's Sizewell C nuclear plant. CARS CRAWL 5 UK car production has fallen to the lowest level since 1953, bar the 2020 pandemic. The Society of Motor Manufacturers and Traders said it fell 7.3 per cent in the first half of 2024 and van production plunged 45.4 per cent, amid economic uncertainty and US trade tariff threats. SMMT's Mike Hawes said it was 'very disappointing'. E-vehicle production rose 1.8 per cent, to 41.5 per cent of UK output. FONE SURGES 5 SALES in the UK at Vodafone soared 14.5 per cent to £1.65billion from April to June. It follows a merger with Three UK to create VodafoneThree, the UK's largest mobile network, with 29 million customers. Despite gains with Three's consumers, Vodafone lost 46,000 contract customers. As global revenues rose 3.9 per cent, boss Margherita Della Valle said the merger positions it for growth in Europe and Africa.
Scotsman
6 days ago
- Business
- Scotsman
Bank of Scotland owner Lloyds unveils profit and dividend hike but caution prevails after 40% share rise
'The big unknown remains the inquiry into mis-sold car financing products - and Lloyds is one of the most exposed financial institutions' – Zoe Gillespie, RBC Brewin Dolphin Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Bank of Scotland owner Lloyds Banking Group has unveiled better-than-expected first-half profits as it benefited from a jump in lending and savings balances. The FTSE-100 group, which ranks as the UK's largest mortgage lender and also incorporates Halifax and Scottish Widows, reported a pre-tax profit of £3.5 billion for the first six months of the year - 5 per cent higher than a year ago. Earnings for the first half also came in ahead of the £3.2bn analysts had anticipated. Advertisement Hide Ad Advertisement Hide Ad Lloyds said total lending to customers increased by £11.9bn over the period, or 3 per cent, driven by UK mortgages with some 33,000 first-time buyers borrowing on a home. The landmark Scottish headquarters of Bank of Scotland/Lloyds Banking Group on The Mound, Edinburgh. Picture by Jane Barlow Customer deposits grew by £11.2bn, or 2 per cent, following a strong season for ISAs, while more people moved money out of current accounts and into savings. Meanwhile, Lloyds confirmed there had been no change to its motor finance provision, having set aside some £1.2bn to cover potential costs and compensation related to commission arrangements. The group is exposed to the motor finance market through its Black Horse business. Group chief executive Charlie Nunn told investors: 'We have shown sustained strength in our financial performance in the first half of 2025, with income growth, cost discipline and robust asset quality, driving strong capital generation and increased shareholder distributions, with a 15 per cent increase in the interim ordinary dividend. Advertisement Hide Ad Advertisement Hide Ad 'We continue to make great progress in our purpose-driven strategy, building differentiated customer outcomes and delivering growth across our business as we build towards our ambitious targets for 2026.' Zoe Gillespie, wealth manager at RBC Brewin Dolphin, said: 'Lloyds has delivered another strong set of results, with profits and income beating expectations. Despite interest rates being on a downward trajectory, the bank has also managed to strengthen its net interest margin and secure more customer deposits in a competitive UK banking environment. 'That said, the big unknown remains the inquiry into mis-sold car financing products - and Lloyds is one of the most exposed financial institutions. The shares are up more than 40 per cent in the year to date, which reflects the solid progress made in its core business, but the car finance issue may put a brake on the bank until its impact is clearer.' Chris Beauchamp, head of market analysis at IG Group, sounded a note of caution, saying: 'After a 40 per cent share price rise this year, the reference to 'economic deterioration' in today's Lloyds' numbers looks like commendable caution. There's still much to like in the figures overall, not least the bigger dividend, and the 2015 highs in the share price still look attainable, but it wouldn't be surprising to see some consolidation for the time being.' Advertisement Hide Ad Advertisement Hide Ad Garry White, chief investment commentator at Charles Stanley, added: 'Lloyds' results paint a picture of resilience, despite revenue coming in modestly below expectations. The second half of the year could get more difficult, but right now it seems Lloyds is holding on a steady course.'
