HBOS bank pledges 100 new branches

Halifax Bank of Scotland moved to stem the tide of banking industry branch closures today by pledging to open 100 new sites over the next five years.

The plans, which will represent the biggest network expansion by the Halifax since the 1970s, were announced as the group said pre-tax profits rose 17% to £4.81bn (€7bn) in 2005.

The new branches will be in the south of England and involve 50 towns where Halifax has little or no presence, and another 50 where the company will move to bigger sites. It expects to create about 1,500 jobs in the process.