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Saturday 21st of March 2009
November 19, 2008

Lloyds TSB shareholders vote for HBOS takeover today


by Kay Murchie
”Lloyds

Shareholders in Lloyds TSB are to vote today on the proposed takeover of Halifax Bank of Scotland (HBOS).

Lloyds’ shareholders are expected to vote in favour of the takeover, which will create a new UK banking giant called Lloyds Banking Group, which will comprise almost 150,000 staff and 3,000 branches.

However, not everyone has been in favour of the proposed takeover. Sir George Mathewson, former chief executive of RBS and Sir Peter Burt, former chief executive of Bank of Scotland, were trying to convince HBOS shareholders earlier this month they will not benefit from the deal, arguing that HBOS could survive independently.

HBOS investors are to vote on the deal on 12 December.

Meanwhile, shareholders in RBS are to vote tomorrow with regard to raising £20 billion of capital.

Yesterday, Chancellor Alistair Darling warned that any attempts by any of the banks to renegotiate the Government’s £37 billion rescue package of the UK banking sector could prove more expensive for shareholders.

The Government‘s plan to pump £37 billion into three of the country’s largest banks is as follows: £20 billion is to be injected into RBS, while a further £17 billion will be pumped into Lloyds TSB and HBOS.

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