UK bank HBOS has announced that it is to set up a single business division in an attempt to move itself into the SME banking market place.
The bank plans to merge it’s business banking and commercial businesses by the end of 2009 as part of strategy to boost it’s market share in the £800million business deposits market, dominated by ‘big four’ banks, Barclays, HSBC, Lloyds, and Royal Bank of Scotland.
HBOS claim that the ‘big four’ hold an 85% share of the SME banking market.
The bank says that the restructure will see around 1000 positions shift from it’s retail to its corporate division. The move could cost the jobs of 650 employees over the next eighteen months.
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