HBOS/Lloyds TSB merging

Fella

I'd like to know this too.

opinions4u

NSN1968 wrote: »

Going back to the point about the two banks licences being merged and consequently cutting our FSA protection if we have savings in both banks...

I understand that they may not merge the licences while the economic climate is as it is but if they do become one authorisation, will we be informed or do we need to keep our eye on it?

Thanks, Neil.

If they do change this in future then they will have to advise you.

Mandark

Saw on Sky News they were talking about it being the Bank of Britain, which the government wouldn't let go bust. A huge semi-nationalised bank may be.

dag_2

Well I'm pleased to discover that it's Lloyds TSB that has swallowed up HBOS, and not the other way round. The ambiguous talk in the news of a "merger" wasn't that helpful, especially given that some sources said that HBOS was bigger than Lloyds on a number of counts.

paparossco

competitionscafe wrote: »

interesting article:

Darkest day for Scottish banking as the Bank of Scotland faces its end
http://thescotsman.scotsman.com/latestnews/-Darkest-day-for-Scottish.4503252.jp

A sad day for Edinburgh and Scotland. If the name of the new institution is correct then we will lose the two Scottish parts of the existing names, BOS and TSB.

HBOS had its problems, as well illustrated on this site, but BOS is a piece of our history. It is older than the Act of Union itself and I'm sorry to see it go.

dunstonh

A sad day for Edinburgh and Scotland. If the name of the new institution is correct then we will lose the two Scottish parts of the existing names, BOS and TSB.

Not necessarily all bad though. HBOS own clerical medical and if that gets merged with Scottish Widows then the processing at Dalkeith Rd in Edinburgh will be increased making Scottish Widows a much bigger player on the insurance side. Lloyds have merged the other life companies it had into the Scottish Widows brand and did move most of the servicing north of the border.

Gordon giveth and Gordon taketh away.

Debt_Free_Chick

Latest "rumour" is that the institutional investors (pension funds and investment managers) are not at all happy and may vote against Lloyds bid!

And ..... no-one has yet commented on the poisoned chalice that is the HBOS pension scheme and its trustees. A couple of bids have fallen over in recent years because the trustees demanded immediate funding of pension liabilities - which the bidder wouldn't agree to. WH Smith & Boots, I think (but not sure - I have middle-age memory loss!!!!).

opinions4u

HBOS pension scheme had a £95m deficit at 31st December 2007. Relatively small as liabilities go, although has doubtless deteriorated in recent months.

sabretoothtigger

Pensions are a national problem due to an ageing population, any company scheme may need altering so nothing unique I guess.

Arent the funds the same people who lent the stock out and failed to back the rights issue?

dunstonh

Latest "rumour" is that the institutional investors (pension funds and investment managers) are not at all happy and may vote against Lloyds bid!

That started late afternoon and no doubt hindered the FTSE turning in another negative. Saying that, it looks like the FTSE will be up quite big tomorrow. At least until afternoon.