HBOS (HBOS).

Investors Chronicle, March, 2005

842p - Banks - Since its creation in September 2001 through the merger of Halifax and Bank of Scotland, HBOS has bounded ahead. Keen to project itself as the new force in banking, and ready to challenge the oligopoly of the 'big four' clearing banks, HBOS has grown fast at their expense - gaining market share in areas such as small-business banking, credit cards and current accounts. And it has done this without straining credit quality, as some banking analysts had feared would result from such a dash for growth.

The bank's growth profile certainly looks impressive. When HBOS announced its 2004 results earlier this month, it reported that pre-tax profits at the UK retail banking arm had grown 22 per cent to GBP2.1bn - well above the low, single-digit growth...

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