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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Thursday 2nd October 2008
In a move which all but confirms that the Lloyds Bank and HBOS merger will proceed we saw another large Lloyds Bank shareholder come forward to back the deal. This now gives the Lloyds Bank board a mandate to push the merger through and get on with the business of creating one of the UK’s so called super banks.
However, in a separate development today it has been revealed that Lloyds Bank may well need to take a multi-billion pound hit on the HBOS loan book which has seen defaults pick up of late. While this is probably something which would have been expected privately by the directors of Lloyds Bank it may surprise some investors in the group.
Each day seems to bring HBOS back into the headlines and despite much bravado by a number of Scottish institutions and the Scottish government the choice for HBOS shareholders is Lloyds Bank or a very uncertain future.
Once the deal is voted through (as it should be) it will be interesting to see how the markets react to the introduction of a new super bank which would literally rule the UK market. The big players in the industry will be looking to reduce the impact of a Lloyds Bank / HBOS dream team as soon as possible. |
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