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HBOS confident over revised licence application

HBOS says it still expects its new license to be passed by Parliament despite Yorkshire MP Barry Sheermans challenge over concerns it could favour the bancassurers Scottish arm.

The banking giant denies any wrong-doing in proposing its licence transfer bill which sees the registering of the Bank of Scotland license – claiming it is a tidying up exercise that will save millions of pounds.

Labour MP for Huddersfield Sheerman claims the transfer will cut away the Yorkshire links, giving Bank of Scotland the majority voice over the four current licence-holders Bank of Scotland, Capital Bank, HBOS Treasury and Halifax.

HBOS spokesman Mark Hemingway says: “We chose the Bank of Scotland licence of the original four we had in place because it is a clearing bank and we are able to issue bank notes north of the border. It will have absolutely no impact on the staff, the branches, the brand, and most importantly on the customers. This really is non-news.”

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