Retail
Our Products and Markets
Simple, value for money products
Using a multi-brand strategy, Retail provides a range of personal and business banking products and services to 23 million customers through a broad distribution base including branches, direct mail, telephone and internet services. A further review of the key markets in which we operate and our performance is set out in the operational performance section on pages 22 to 23.
Banking
Our bank accounts range from full facilities current accounts to basic social banking facilities. HBOS remains at the forefront in the development of the personal banking market and continues to challenge the traditional high street banks’ approach to personal banking, offering excellent value for money products.
Savings
HBOS is the market leader in respect of liquid savings with a 16% share of UK Household Sector Liquid Assets. Savings products are offered through the four brands of Halifax, Bank of Scotland, Birmingham Midshires and Intelligent Finance. Products cater for all elements of the savings market including childrens’ accounts, tax-free savings, fixed rate and regular savings accounts. The UK savings market offers good long-term growth opportunities. As market leader and with multiple brands in this market, we are well placed to capture profitable growth in savings.
Mortgages
We offer a broad range of products to suit the circumstances of the majority of potential borrowers, targeted through the five brands of Halifax, Bank of Scotland, Birmingham Midshires, Intelligent Finance and The Mortgage Business. Products focus predominantly on prime residential mortgages but also cover a range of more specialist needs. Intelligent Finance’s mortgages cater for the offset mortgage market, where customers’ savings and banking balances are utilised to reduce the level of mortgage repayments.
Personal Loans and Credit Cards
Personal Loans and Credit Cards are both offered through the Halifax, Bank of Scotland and Intelligent Finance brands. Credit Cards are also provided through a number of affinity brands such as charity cards where a proportion of income earned is donated to the charity.
Business Banking
The business banking products offered through the Bank of Scotland Business Banking brand comprises a full range of banking services to small businesses, typically those with an annual turnover of up to £1m.
Other Retail services
Retail also operates a number of joint ventures, such as Sainsbury’s Bank and through our distribution network Retail distributes the Group’s long-term investment, pension and life assurance products, making HBOS the number one bancassurer in the UK. Additionally, we provide a host of other ancillary activities including estate agency services through our Halifax Estate Agency chain, valuation services via our Colley’s Valuation & Surveying Services business, and share dealing services through Halifax Share Dealing Ltd.