Capital Bank plc
{{Infobox company
| name = Capital Bank plc (North West Securities)
| image =
| type = Public company
| industry = Finance, Banking
| founded = 1945
| fate = Assets transferred to Bank of Scotland (2007)
| successor = Bank of Scotland
| hq_location = Chester
| assets = £21.3 billion (2006)
| owner = HBOS plc
| logo = Capitalbankchesterlogo.png
| logo_caption = Capital Bank Logo (1997-2006)
}}
File:Former Bank of Scotland offices, Handbridge, Chester - DSC08032.JPG
Capital Bank plc was a subsidiary bank of the Bank of Scotland and HBOS. Its head offices were located in Chester, England. Its main products were leasing, installment credit, and mortgages. In the late 20th century, it became Chester's largest employer.
History
The bank was founded in a hotel room in Chester by Sydney Alfred Jones as North West Securities in 1945.{{cite news|url=https://www.cheshire-live.co.uk/news/chester-cheshire-news/order-gates-forfinancial-pioneer-sydney-5243317|title=Order of the Gates for financial pioneer Sydney|date=15 February 2008|newspaper=Cheshire Live|access-date=24 February 2023}} In 1958 North West Securities was purchased by the Bank of Scotland as the latter expanded into consumer credit. North West Securities continued to grow in size, reaching £1.3 billion in assets in 1987 and, with Bank of Scotland exercising greater control, it became a public limited company in 1989.{{cite news|url=https://www.ft.com/content/bccaf838-d7b0-11e0-a06b-00144feabdc0|title=Financial services: Pool of skilled staff brings the big money companies|date=15 September 2011Z|newspaper=Financial Times|access-date=25 February 2023}} North West Securities was also renamed North West Securities Bank around this time{{cite news|url=https://www.constructionnews.co.uk/archive/23jan92-uk-andy-stoddart-leaves-norwest-holst-following-board-reshuffle-22-01-1992/|title= Andy Stoddart leaves Norwest Holst following board reshuffle|date=23 January 1992|newspaper=Construction News|access-date=19 February 2023|quote=Norwest Holst is strongly tipped to have won the £10 million contract to build the third phase of office accommodation for North West Securities Bank}} and, in the late 20th century, it became Chester's largest employer. It also provided financial support to Chester Cathedral.{{cite news|url=https://publications.parliament.uk/pa/cm199293/cmhansrd/1993-06-14/Orals-1.html|title=Nathional Heritage: Cathedrals|date=14 June 1993|publisher=UK Parliament|access-date=25 February 2023}}
In 1997 the bank was renamed Capital Bank plc and moved to its new headquarters at Capital House, (now Churchill House), the former Western Command headquarters in Handbridge, Chester.{{Cite web |title=Twentieth century Chester 1914-2000: Chester and the second world war {{!}} British History Online |url=https://www.british-history.ac.uk/vch/ches/vol5/pt1/pp253-254 |access-date=2023-02-17 |website=www.british-history.ac.uk}} The building was heavily modified and updated during this time with the concrete pillar façade being added along with the Bridge House building.{{Cite web |title=Capital Bank Plc |url=http://www.mccormick-architecture.co.uk/projects/commercial/offices/capital-bank/ |access-date=2023-02-17 |website=www.mccormick-architecture.co.uk}} Capital Bank became part of the HBOS Group when Bank and Scotland and Halifax merged in 2001. Capital Bank continued to grow its corporate banking activity until 2006, when assets totalled almost £22 billion.{{Cite web |title=CAPITAL 1945 LIMITED filing history - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/00392902/filing-history |access-date=2023-02-17 |website=find-and-update.company-information.service.gov.uk |language=en}} In the same year the HBOS Group Reorganisation Act 2006 was passed through the UK Parliament. This allowed the HBOS Group, which included other financial institutions and banks to consolidate Halifax plc, Capital Bank plc, and HBOS Treasury Services plc into one company, Bank of Scotland plc.{{cite web|url=https://publications.parliament.uk/pa/cm200506/cmselect/cmubchbos0506/6030802.htm|title=Select Committee on HBOS Group Reorganisation Bill|publisher=House of Commons|date=8 March 2006| access-date=19 February 2023}} The vehicle leasing operation of Capital Bank was subsequently absorbed into Bank of Scotland Dealer Finance ('BOSDF').{{cite news|url=https://www.motorfinanceonline.com/uncategorized/a-revolution-at-the-point-of-sale/|title=A revolution at the point of sale?|date=1 May 2008|newspaper=Motor Finance|access-date=25 February 2023}}
Some Capital Bank subsidiaries, including the mortgage lender, The Mortgage Business plc which held approximately £9 billion in mortgage assets, continued to operate as a separate company until the 2008 recession. The Mortgage Business issued no new mortgages after 2008 and only manages already issued mortgages.{{Cite web |last=Holmes |first=David |date=2008-08-14 |title=Credit crunch jobs threat to Chester HBOS bank workers |url=http://www.chesterchronicle.co.uk/news/chester-cheshire-news/credit-crunch-jobs-threat-chester-5234956 |access-date=2023-02-17 |website=CheshireLive |language=en}}{{Cite web |title=THE MORTGAGE BUSINESS PUBLIC LIMITED COMPANY filing history - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/01997277/filing-history |access-date=2023-02-27 |website=find-and-update.company-information.service.gov.uk |language=en}}
Capital House was retained as offices for Bank of Scotland; when Lloyds acquired HBOS, Capital House was no longer needed owing to Lloyds having offices at Charterhall Drive, Chester. After vacating the site in 2010, Lloyds sold the former Capital Bank buildings to the University of Chester in 2015.{{Cite web |last=Live |first=Cheshire |date=2019-10-09 |title=University building opened by Sir Winston Churchill's great grandson |url=https://www.cheshire-live.co.uk/news/chester-cheshire-news/university-chester-building-opened-sir-17054071 |access-date=2023-02-17 |website=CheshireLive |language=en}}