lloys bank and halifax merge

KAVENKOY


Joined: 10/04/2008
Posts: 1787

Message Posted:
18/09/2008 09:14

Details of Lloyds TSB's dramatic rescue of ailing mortgage giant Halifax Bank of Scotland are expected to be revealed.



The BBC and Sky News said a takeover deal had been agreed, though the parties themselves and financial authorities would not comment.



The BBC said both firms' boards had agreed to a deal, at a price of 232p per HBOS share, following talks.



The deal was to be formally announced later this morning, it said.



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Earlier HBOS, whose share price plunged by as much as 70% this week amid funding worries, confirmed it was in "advanced talks" over a merger that would create a £30 billion banking giant with nearly a third of the UK mortgage market.



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Guides ------------- Guide to current accounts Safer online banking Switching banks Make £100 from your bank Protect your PC from viruses ------------- Tools ------------- Find the right bank account Holiday currency rates It is thought the Government may waive competition rules to get the transaction through, and reportedly follows talks between Lloyds TSB chairman Sir Victor Blank and Prime Minister Gordon Brown. The Treasury and the Financial Services Authority (FSA) have also been involved.



Spokesmen for Lloyds, HBOS, the Treasury and the FSA declined to comment on the reports.



A takeover would end uncertainty about the health of HBOS, but there were immediate fears about the implications for the 135,000 UK staff employed by both firms - 65,000 by HBOS and the remainder at Lloyds TSB.



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Alex Salmond, the First Minister of Scotland - where about 17,000 HBOS jobs are based - attacked the "spivs and speculators" he blamed for targeting the Scottish-based bank. He said any merger between the two should be based on measured discussion, not a "shotgun marriage" driven by speculation.



The potential merger is the latest dramatic episode this week which has already seen the collapse of 158-year-old investment bank Lehman Brothers and the £47.2bn bail-out of

flightholiday


Joined: 19/07/2007
Posts: 3217

Message Posted:
18/09/2008 11:42

The world is in financial pain be carefull of not having all your eggs in one basket.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/09/2008 15:19

i wonder if lloyds are sacking any of their indian workforce? we got so fed up with talking to someone on the other end of the phone, who couldn't speak english, we closed our accounts with them.