View more on these topics

Scottish HBOS dissenters launch website

The Scottish bankers who have begun a campaign to derail the Lloyds TSB bid and take over HBOS have launched their own website.

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

This plan was given short shrift by both HBOS investors and the ailing bank itself, but the Scottish pair have continued their campaign online with the independenthbos.com website.

The site outlines their concerns, their aims and a plea to HBOS shareholders in stopping the imminent Lloyds TSB merger.

The website says: “We believe that the current takeover terms on offer from Lloyds TSB grossly undervalue HBOS. The bank can flourish by returning to its traditional banking business: shareholders have an opportunity on December 12 to reject the Lloyds TSB offer.

“HBOS can remain independent with your support.”

Recommended

The Snowball effect

Towergate Financial is set to step up its aggressive IFA buying spree with at least three more acquisitions planned before Christmas.

Special opps

The financial sector has suffered most this year, with the index down by over 30 per cent to October 24 but there is one manager who has bucked the trend – Philip Gibbs (sadly no relation), who manages the Jupiter financial opportunities fund.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com