15 November 2001
A major overhaul of purchasing by the newly merged Halifax and Bank of Scotland (HBOS) will help to deliver proposed savings of £305 million over the next three years.
Ian Taylor, head of group procurement at HBOS, said the combined group had created a procurement team from members of each bank. They formally merged on 11 September.
HBOS aims to procure common goods and services strategically across the group. A framework will be in place by the first quarter of 2002.
Taylor said the combined supply base was "phenomenally complex", as the group includes financial institutions such as Clerical Medical and the former Equitable Life, as well.
Taylor, who was previously head of procurement at Halifax, said the new company has a network of 30,000 suppliers across England and Scotland.
E-procurement will also form a major part of company strategy.