Intelligent Finance, the stand-alone telenet banking division of UK banking group HBOS, is to expand its operations with a new 75,000 square foot administrative office complex in Fife, Scotland, capable of housing up to 800 staff.
In November 2001, Intelligence Finance revealed that new business growth was averaging £750 million per month. The bank now handles over 327,000 accounts worth £8.9 billion and holds a 9% share of the UK net mortgage market.
IF currently operatates from offices in Edinburgh and Livingston employing around 2000 staff. The new jobs in Fife equate to 600 full-time and 200 part-time staff.
IF yesterday signalled a new front in the ongoing current accounts war with rival banks by scrapping tiered rates of savings interest and introducing a new savings rate of 4.01% (AER Gross) payable on all balances of £1 and up. IF - which runs an integrated banking service in which customers can offset credit and debits across their accounts - says the new rates could offer customers up to 14.8% interest on their savings.
Commenting Jim Spowart, chief executive of Intelligent Finance, says: "Such an approach shouldn't be so original, but for now in an industry where too often banks bamboozle customers with a myriad of products with differing rates and conditions, it is."