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Throughout the Nineteen Eighties, constructing societies started to compete with conventional banks, and on 2 June 1997 the bank was floated on the UK inventory market. “Whereas the Halifax model will disappear, Lloyds can nonetheless play a significant position in our local financial system by investing in Halifax and creating the alternatives our young people have to thrive,” she said. The Halifax was based in West Yorkshire in 1853, granting its first mortgage the identical 12 months, earlier than rising to turn out to be one of the UK’s largest constructing societies.