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Thursday 19th of March 2009

News Tag: Lloyds TSB

November 6, 2008

Tracker loans whisked away as base rate cut to 3%

by Gill Montia
Tracker loans whisked away as base rate cut to 3%
Leading lenders withdrew tracker mortgages just hours before the Bank of England's Monetary Policy Committee agreed an historic 1.5% cut in the base rate, to 3%. Lloyds TSB and its Cheltenham & Gloucester (C&G;) unit, Northern Rock and Woolwich have all withdrawn tracker products today. Yesterday, the Council of Mortgage Lenders (CML) warned that lenders would not necessarily ...



November 4, 2008

UKFI to manage Government’s investments in High Street banks

by Kay Murchie
UKFI to manage Government's investments in High Street banks
A new company called UK Financial Investments Ltd (UKFI) is to oversee the Government’s shareholdings in the three High Street banks it rescued last month. It was announced recently that the UK Government is to pump £37 billion into three of the country’s largest banks. £20 billion is to be injected into Royal Bank of Scotland (RBS), while ...



November 3, 2008

30,000 jobs at risk in Lloyds TSB / HBOS merger

by Kay Murchie
”30,000
It was confirmed this morning that the Lloyds TSB and HBOS merger is proceeding and the new name for the company was unveiled as Lloyds Banking Group. According to Lloyds, its acquisition of HBOS would save it at least £1.5 billion a year, far more than originally anticipated. There have been concerns that the cost savings will result in ...



Lloyds TSB/HBOS merger details unveiled

by Kay Murchie
”Lloyds
The Lloyds TSB/HBOS merger looks set to proceed after both banks have announced plans to raise up to £17 billion through the Government's rescue scheme. Today, Lloyds said it plans to raise £4.5 billion from investors with the support of the Government and will offer the Government preference shares worth £1 billion. Meanwhile, HBOS said it plans to raise £8.5 billion through investors and ...



Unnamed bidder emerges for HBOS

by Kay Murchie
”Unnamed
The Lloyds TSB / HBOS merger was approved by the Government at the end of last week but over the weekend, an unnamed bidder has emerged and has been in discussions with the Government with regard to acquiring Halifax Bank of Scotland. According to reports, the low stock market valuation of HBOS has appealed to the unnamed bidder. According to Jim ...



October 16, 2008

Lloyds TSB and Woolwich up tracker rates

by Gill Montia
Lloyds TSB and Woolwich up tracker rates
Two High Street mortgage lenders have increased their tracker rates, despite last week's 0.5% cut in the base rate. Lloyds TSB is hiking its mainstream tracker rates by between 0.3% and 0.5% and Woolwich, the mortgage lending unit of Barclays, is increasing rates on its lifetime and offset tracker deals by 0.2%. Woolwich actually reduced some rates last week on news of ...



October 13, 2008

Lloyds revises HBOS takeover offer

by Kay Murchie
”Lloyds
The terms of Lloyds TSB’s takeover for Halifax owner, HBOS, have been revised. HBOS shareholders will now receive 0.605 shares for each HBOS share they own, revised from the original offer last month of 0.833. The news comes as the Government announces a £37 billion rescue plan, which will see £20 billion injected into Royal Bank of Scotland (RBS) and a further £17 ...



Shares recover as £37bn rescue plan revealed

by Kay Murchie
”Shares
Shares on the FTSE 100 index have risen this morning on the news that the UK Government is to pump £37 billion into three of the country’s largest banks. Under the terms of the deal, banks have agreed to scrap executive bonuses for the current year and future bonuses will be paid in the form of shares. In addition, banks will ...



September 30, 2008

Concerns over Lloyds TSB rescue deal for HBOS

by Kay Murchie
”Concerns
Banking shares have been the sharpest fallers on the FTSE 100 today in London as it was announced late last night that the US $700 billion (£380 billion) bailout scheme was rejected after it failed to gain support from Congress who voted against the proposed scheme. One of the biggest fallers today was HBOS who lost 12% as speculation mounted ...



September 29, 2008

Lloyds TSB raises mortgage rates

by Gill Montia
Lloyds TSB raises mortgage rates
Lloyds TSB and its Cheltenham & Gloucester subsidiary have increased rates on two and three-year fixed-rate loans by up to 0.26%. The bank's two-year fixed-rate deal for those with a 75% deposit has risen to 6.44%; borrowers with only 10% of equity will pay 6.75%. Last week, Halifax, the UK's biggest mortgage lender and part of the HBOS group which is in the process ...



September 21, 2008

Lloyds TSB looks to sell branches following HBOS takeover

by Kay Murchie
”Lloyds
According to a report in a Sunday newspaper, Lloyds TSB’s takeover of HBOS could result in the closure of up to 700 high-street branches. The £12.2 billion purchase was announced on Thursday amid the turmoil in the stock markets following the collapse of US Wall Street giant, Lehman Brothers. According to the Independent on Sunday, Lloyds TSB has contacted several ...



September 18, 2008

Lloyds TSB reveals HBOS takeover details

by Kay Murchie
”Lloyds
Lloyds TSB has revealed the terms of its £12.2 billion takeover of HBOS which could result in thousands of job losses. However, Lloyds has described the deal as a unique opportunity and values HBOS shares at 232p each. HBOS shareholders will receive 0.83 Lloyds shares for every HBOS share. There is speculation that the deal could lead to 40,000 job losses, a ...



September 17, 2008

HBOS and Lloyds TSB in merger talks

by Brian Turner
HBOS and Lloyds TSB in merger talks
According to reports from Robert Peston at the BBC, both Halifax Bank of Scotland (HBOS) and Lloyds TSB (LLOY) are in advanced talks on a merger. The news comes as HBOS shares show extraordinary volatility in London trading, so far trading anywhere between 88 pence and 214 pence per share according to Google Finance. HBOS shares have already suffered a steep decline ...



August 4, 2008

Confidence among UK manufacturers falls to 7-year low

by Kay Murchie
Confidence among UK manufacturers falls to 7-year low
A survey by the CBI and Experian has revealed that confidence among UK manufacturers has taken a dive throughout the UK, as companies are facing steep rising cost pressures with output expected to fall over the next few months. The index of business optimism fell to -40 in the three months to July, this represented the weakest figure for 7 years. The ...



July 31, 2008

HBOS pre-tax profits plunge over 70%

by Kay Murchie
”HBOS
The credit crisis and weakening economy has led to HBOS posting a huge slump in profits. HBOS said pre-tax profit fell from £2.99 billion in the first half of 2007 to £848 million compared with the same period a year ago. Bad debts increased 36% to £1.31 billion as customers defaulted on loans. Furthermore, HBOS said its underlying profits before tax, including ...



July 30, 2008

Lloyds TSB and C&G cut fixed and tracker rates

by Gill Montia
Lloyds TSB and C&G cut fixed and tracker rates
Lloyds TSB and its mortgage subsidiary, Cheltenham & Gloucester (C&G;), are cutting interest rates on two-year fixed-rate and tracker loans. The lenders' full-term tracker mortgages will see the maximum benefit, with rates reducing by 0.38%, to 5.95%. The maximum loan-to-value (LTV) ratio on these deals is 20%. Interest on two-year fixed-rate loans with a maximum 90% LTV come down to ...



July 1, 2008

Northern Rock borrowers trapped on expensive rates

by Kay Murchie
Northern Rock borrowers trapped on expensive rates
Mortgage customers of Northern Rock who are seeing their fixed-rate mortgages run out are facing huge increases because they are trapped on expensive rates with the crisis-torn lender. The business plan for the nationalised bank saw attractive rates scrapped in an attempt to put-off new customers and encourage existing ones to re-mortgage with another lender. Those who borrowed 100% of their ...



June 30, 2008

Lloyds TSB criticised for giving children debit cards

by Kay Murchie
”Lloyds
Lloyds TSB is giving children, as young as 11, debit cards without their parents consent. The news raises fears that the cards could being used to buy cigarettes, alcohol and pornography over the internet. In the past, children aged 11 to 15 who hold current accounts were limited to debit cards that could only be used in bank branches or ...



June 22, 2008

Lloyds TSB in negotiations to buy Dresdner Bank

by Kay Murchie
”Lloyds
Lloyds TSB is in discussions with insurance company Allianz to buy its Dresdner Bank unit. Lloyds is understood to have commenced work on a potential deal and has submitted an unbinding offer for the unit. Lloyds has come out of the global credit crisis relative unscathed and has a market value of £19 billion. When it emerged that Northern Rock ...



June 5, 2008

Northern Rock in mortgage deal with Lloyds TSB

by Kay Murchie
”Northern
A new deal has been reached between Northern Rock and Lloyds TSB, whereby Lloyds TSB will offer mortgages to Northern Rock customers when their deal with the lender expires. Lloyds will cherry-pick Northern Rock customers and send them letters when their current fixed-rate term is nearing the expiry date. The bank said the standard application fee will be waived. Ron ...