In 2007, it became a 50:50 joint venture with Halifax Bank of Scotland, later Lloyds Banking Group.
The loans came from the Halifax Bank of Scotland (HBOS) branch at Beauclerc House in Queens Road, Reading.
Lloyds Banking Group was formed from the merger of Halifax Bank of Scotland and Lloyds TSB late last year.
Sir James was appointed chief executive of Halifax Bank of Scotland in 2001.
The case centred on Lloyds' acquisition of Halifax Bank of Scotland at the height of the 2008 financial crisis.
It comes after Lloyds TSB merged with Halifax Bank of Scotland (HBoS) last year, which has led to a major review of operations that could affect some 5, 000 people in Bristol.
HBOS, created by the merger of Halifax and Bank of Scotland in 2001, hoped to become a powerful new competitive force in British banking, offering superior prices and services to households and businesses.
Within hours all pretence of maintaining a statesmanlike consensus over the bail-out of Royal Bank of Scotland (RBS) and HBOS (formed by the merger of Halifax Building Society with Bank of Scotland) had vanished.
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As a group, Lloyds Banking Group, which includes Halifax and Bank of Scotland, witnessed the most complaints.
The decision does not affect borrowers with Halifax and Bank of Scotland.
Sir James Crosby presided over the creation of the giant bank when it was formed in 2001 from the merger of the Bank of Scotland and the Halifax.
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HBOS, which was formed from the merger of the Halifax, a former building society, with the Bank of Scotland, would presumably be as entitled to government support on its own as is, say, the wounded Royal Bank of Scotland (RBS).
The Commission considered that Abbey National was an important force for competition in the PCA market, regardless of whether the proposed merger between Bank of Scotland and Halifax proceeded.
The merger with Bank of Scotland will make Halifax for the first time a force to be reckoned with in mainstream banking.
Sir Peter Burt, the Bank of Scotland boss who engineered its merger with the Halifax Building Society in 2001, and Sir George Mathewson, a former chief executive and chairman of Royal Bank of Scotland, are now campaigning to persuade shareholders to oust HBOS's current top management and install them instead.
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Bank of Scotland was part of the HBOS group - along with the former Halifax bank - before HBOS itself was taken over by the Lloyds Banking Group in 2009.
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Masterton stepped down from the Bank of Scotland in 2001 after it was merged with Halifax.
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Ten lenders including Halifax, Lloyds TSB, the Woolwich, First Direct, Royal Bank of Scotland and NatWest all said they were reducing their SVR by half a percentage point shortly after the cut.
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