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The objectives of HBOS

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Introduction

The main purpose of a business is sometimes stated in a "mission statement". By knowing this customers can determine what the business does. For example James Crosby the Chief executive of HBOS has said that the creation of HBOS is: "A strategy to beat customer (our customer must be our greatest advocated), colleagues (our colleagues are central to our ambitions - they must be motivated in your industry) and shareholders expectations (our shareholders deserve growth - we will make sure its quality growth)." HBOS exists to provide a service to the wider community, the objectives of HBOS are as follows: * Profit The primary purpose of the merger (HBOS) is to create New Force Banking and improve the growth prospects for both businesses (Halifax and Bank of Scotland). Profit is extremely important for HBOS, as the business cannot survive for very long if it is not profitable. Without the profit HBOS cannot keep its shareholders happy, it cannot pay higher wages to its employees, also it will find it difficult to plough back money into research and development. ...read more.

Middle

Halifax has won the "Opportunity Now's Gold Standard" for its efforts in promotion equal opportunities and best practise in the workplace. This is the second year running that Halifax has won this award. * Sales Increase The organisation that sells the most service is best placed to benefit from the cost of savings that arise from producing on a larger scale. The UK's fifth-largest bank said it continued to "show strong growth" and expected to "deliver to market expectations" for the year to December. The City expects profits of about �3bn. The bank, which was formed in September, said: "HBOS's heavy weighting in mortgages means the strains caused by the economic slowdown will result in only a modest overall increase in provisioning." However, HBOS highlighted annualised growth in lending to larger corporate of more than 25% and said work in progress. HBOS said lending to small and medium-sized businesses - which like larger corporate banking is being rolled out from Bank of Scotland through the Halifax network - was growing by an annualised 10%. ...read more.

Conclusion

The HBOS Foundation is particularly helping with: - Helping people engage in life long learning - Helping Voluntary and Community groups to become more effective and efficient - Working with people on low incomes, at risk from poverty or with problems finding accommodation * Minimising Environmental impact On the website of HBOS (www.hbos.com) Halifax and Bank of Scotland say that they both have both earned strong reputations for their approach to social responsibility and the merger (HBOS) now provides customers with the opportunity to share best practice to establish an even more powerful force within the Community As a part of HBOS type strategy, they have long held the objectives of helping their network reflect the communities in which they operate. The issues measured under environment are mostly well established - given the longer business tradition of environment reporting. They cover areas including contribution to the global issues of climate change, and the company's involvement in the production of more localises pollution and waste. Halifax received the Impact Endorsement Mark and was highly commended for excellence in diversity as part of Business in the Community's Awards for Excellence. Drilona Baci ...read more.

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