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HBOS deal-breakers snubbed

The Scottish bankers trying to scupper the HBOS/Lloyds TSB merger have been given short shrift from major HBOS shareholders.

Ex-Bank of Scotland chief executive Sir Peter Burt and former head of Royal Bank of Scotland Sir George Matthewson wrote to HBOS chairman Lord Stevenson deman- ding his and chief executive Andy Hornby’s resignations under a plan where the pair would take their places.

In response, HBOS said: “You do not describe any specific aspect of your plan, nor do you set out a value proposition for shareholders or address how your idea would provide certainty or stability for HBOS.”

On BBC’s Today Programme, Standard Life Investments director Euan Stirling, a major shareholder in both HBOS and Lloyds TSB, said: “We are reluctant to see any risk attaching to the Government support package. Certainty is really so important to HBOS right now.”

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