HBOS/Lloyds TSB merging

6022tivo

It has just dived again down 80p.....

Maybe you are right, just a rumour...

Take a look at todays trading on HBOS... Scary stuff..

http://www.selftrade.co.uk/quote.php?symbole=1uHBOS.L

robpw2

if hbos and lloyds did merge what would theire new name be
not lloydstsbhsbos or hsboslloydstsb i hope

let think up some names we could suggest to the people in the merger discussion

just seen news apparently shares have recovered at hbos so story has done exactly what they wanted

duncaf

I actually asked this once before but now it's a reality.
Does anyone KNOW what happens when you have 35K in HBOS and 35K in LLoyds (split on purpose because that's the max compensation) THEN you find one takes over the other? I can't move it as it's in a bond.

I'd appreciate any informed comment. I'm drawing a blank with the BBC on this one too. Maybe it's just tough.

Should I talk to the FSA or whoever oversees this compensation scheme?

Thanks very much indeed.

robpw2

dun they wont be merging your bank accounts,
i wouldnt be suprised if they dont leave the hbos branches the same and just change the parent company

when halifax bouht bank of scotland they did not change the names to hbos

SilverScooby

Wow - this is amazing. Pesto's blog:

"UPDATE 12:34PM: I now know more about how the competition obstacles to this deal will be surmounted. The government will announce that in the interests of financial stability it will legislate to over-ride the powers of the Office of Fair Trading and the Competition Commission to block the deal.
And it won't be long before the formal terms of the takeover are announced. Both boards are meeting right now to give their approval."

alanq

duncaf wrote: »

Does anyone KNOW what happens when you have 35K in HBOS and 35K in LLoyds (split on purpose because that's the max compensation) THEN you find one takes over the other? I can't move it as it's in a bond.

One bank taking over another doesn't NECESSARILY mean that that they will be registered just once in the FSCS. For many years Cheltenham & Gloucester was owned by LloydsTSB but had separate registration. (Though now they are joint). On the BBC yesterday they were saying the Abbey and Alliance & Leicester will (probably?) have separate registration when both owned by Santander.

If the terms of your bond forbid withdrawal (or have a heavy penalty for withdrawals) then I don't know if the special circumstances would allow an exemption.

It is about time that the Government got on with increasing the FSCS limit to £50k as was proposed a year ago. That would go a long way to reducing these problems.

MrTGB

I am in the same boat and I suppose it comes down to whether they maintain separate registrations with the FSCS.

I hope they do, but if they don't, even though Lloyds HBOS would not be allowed to fail, I would probably move my £35K out of HBOS and lose the interest.

TheDean_2

If they were to merge would either set of customers be in for a windfall?

robpw2

i wish . apparently according to the bbc lloyds tsb are to take over

a marriage made in mayhem lol

they would dominate the the savings and mortgage market

dunstonh

TheDean wrote: »

If they were to merge would either set of customers be in for a windfall?

No. Halifax is not a mutual. Shareholders will benefit (based on recent share price).

Best thing about Lloyds buying HBOS will be no more Halifax singing adverts!