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Thursday 20th March 2008
Consumers who bank with HBOS have nothing to fear from market rumours that the bank is set to collapse, a price comparison site has said.
The rumours are believed to have been initially circulated by City traders attempting to profit from the resulting drop in the lender's share prices.
According to Kevin Mountford, head of savings at price comparison site moneysupermarket.com, talk of an HBOS is without foundation.
Mr Mountford said: "HBOS has a very strong business - and rumours that it is on its last legs are ridiculous.
"The world of banking has many different business models that differ considerably, and it is just plain wrong to tarnish all banks with the Northern Rock brush.
He added: "Foolish rumours like these could cause panic among savers who should be reassured that HBOS, with its high interest savings and current accounts, is a far better home for your money than under your mattress."
The whispering campaign prompted shares in HBOS to fall by 20 per cent in morning trading.
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