The Bank of Wales (
Welsh
Welsh may refer to:
Related to Wales
* Welsh, referring or related to Wales
* Welsh language, a Brittonic Celtic language spoken in Wales
* Welsh people
People
* Welsh (surname)
* Sometimes used as a synonym for the ancient Britons (Celtic peopl ...
: ''Banc Cymru'') was a commercial bank in Wales which was founded in 1971. The bank was taken over by the
Bank of Scotland plc in 1986 and ceased trading under the Welsh brand in 2002. It is now a trading name used by Bank of Scotland plc, a subsidiary of
Lloyds Banking Group.
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
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...
, which claimed that the proposed name would imply a
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
.
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 that later became the headquarters of 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
Geraint Talfan Davies OBE DL (born 30 December 1943) is a Welsh journalist and broadcaster, and a long-serving trustee and chairman of many Welsh civic, arts, media and cultural organisations.
Personal life and education
Geraint Talfan Davies w ...
, Chairman of the
Institute of Welsh Affairs, said that the
banking crisis showed the need for the revival of the brand.
In 2014
Lloyds Banking Group announced that it would re-establish the Bank of Wales as a savings provider. Its savings products were only available through a selected panel of life assurance companies. As of June 2021, these products are no longer available.
[https://www.bankofwales.co.uk/]
See also
*
Julian Hodge Bank
*
Sir Alun Talfan Davies – former Chairman
*
Viscount Tonypandy – Chairman 1985–199
*
James Callaghan
Leonard James Callaghan, Baron Callaghan of Cardiff, ( ; 27 March 191226 March 2005), commonly known as Jim Callaghan, was Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party from 1976 to 1980. Callaghan is ...
– former
prime minister
A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is ...
of the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
and non-executive director of the Bank.
References
External links
Bank of WalesWales online
Banks of Wales
Banks established in 1971
Companies based in Cardiff
Banks disestablished in 1988
Lloyds Banking Group
{{Wales-company-stub