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Halifax turns to Net banking for Greenfields and pastures new

Spends £100m on standalone division

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Leading UK building society turned bank, Halifax, is taking the lead in Internet banking. It is investing £100 million to establish a stand alone Internet and phone based banking operation, which will see it become the largest UK banking name to set up on the Net. Others from the UK financial sector to embrace the Internet as a direct banking channel, include the Prudential with its Egg division and the Co-Op Bank with its bizarrely named Smile. Smile being the last thing most people feel like doing when their bank statement arrives. The Halifax has yet to release details of the new division, which is thought to have the codename Greenfield. The bank expects direct operations to generate around 10 per cent of group revenues within three years. ® For more bang for your buck, visit Cash Register and get the latest Net finance news.

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