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UK Banks Nationalised

admin — Tue, 14 Oct 2008 09:39:42 +0000

The Government is bailing out three UK banks by nationalising them; RBS is getting £20bn while Lloyds TSB and HBOS will receive £17bn. Barclays Bank on the other hand are going to try and raise £6.5bn themselves, rather than suffer … Continue reading →

Lloyds TSB HBOS Merger

admin — Thu, 18 Sep 2008 21:39:13 +0000

It has been confirmed that the Lloyds TSB HBOS Merger process has started with a bid of $12.2bn from Lloyds. The deal will have to go before the Financial Services Authority however unless the stock market suddenly recovers it should … Continue reading →

Lloyds TSB HBOS Merger

admin — Wed, 17 Sep 2008 21:51:32 +0000

History could be made in the world of banking as Lloyds TSB is planning to takeover HBOS.

In a normal situation the government would not let this happen and there are competition laws to stop it from happening. However if one of the UK’s major banks such as HBOS went bust it could have a catastrophic effect. This is the reason the government is easing of the rules, to enable the merger of these two giants.

One calculation suggests that some 38 million people in the UK deal with the two banks somehow and between them they would have 28% of the UK’s mortgage market.

Lloyds TSB was created out of the merger of Lloyds Bank and the Trustee Savings Bank in 1995, while HBOS was created from the merger of the former building society turned bank Halifax and the Bank of Scotland in 2001.