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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.”


Broker Talkback

Is the UK Government right to be taking “a long hard look” at the relationship between itself and the Isle of Man?
Yes 25%
No 75%


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