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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 peop ...
: ''Banc Cymru'') was a commercial bank in Wales which was founded in 1971. The bank was taken over by the
Bank of Scotland plc 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, following the Bank of Scotland's implosion in 2008. The bank was established by the ...
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 Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...
.


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 of ...
, 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 central ba ...
. 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 Welsh Development Agency (WDA; cy, Awdurdod Datblygu Cymru) was an executive agency (or QUANGO) and later designated an Assembly Sponsored Public Body (ASPB). Established in 1976, it was tasked with rescuing the ailing Welsh economy by encour ...
. The bank was taken over by the
Bank 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, following the Bank of Scotland's implosion in 2008. The bank was established by th ...
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 ...
, Chairman of the
Institute of Welsh Affairs The Institute of Welsh Affairs (IWA) () is an independent charity and membership-based think-tank based Cardiff, Wales, which specialises in public policy and debate around the economy, education, environment and health sectors in Wales. Hist ...
, said that the
banking crisis A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks no ...
showed the need for the revival of the brand. In 2014
Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...
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 Hodge Bank is a bank in the United Kingdom. It is named after Sir Julian Hodge. The bank was formed in 1987 as Julian Hodge Bank, and is headquartered in Cardiff, Wales. In 1965 the bank founded the ''Hodge Life Assurance Company'', a subsidia ...
*
Sir Alun Talfan Davies Sir Alun Talfan Davies (22 July 1913 – 11 November 2000) was a Welsh judge, publisher and Liberal Party (UK), Liberal politician. Background Alun Talfan Davies was born at Gorseinon near Swansea, the youngest son of the Calvinistic Methodist m ...
– former Chairman *
Viscount Tonypandy A viscount ( , for male) or viscountess (, for female) is a title used in certain European countries for a noble of varying status. In many countries a viscount, and its historical equivalents, was a non-hereditary, administrative or judicial ...
– 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 not ...
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 North ...
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