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Lloyds Bank chairman refutes allegations of UK government interference

The chairman of Lloyds bank, Victor Blank, who will soon be leaving the company, has today refuted allegations that the bank was pushed into the merger with HBOS by the UK government. A number of shareholders are taking legal action against the bank and the UK government as rumours continue to circulate regarding UK government interference and a UK government led deal. However, it is well-known that Sir Victor Blank is a close friend and associate of Gordon Brown, something which appears to have fuelled rumours of a deal.

Those who have followed the Lloyds bank and HBOS merger will be well aware of the UK government stepping in at a very early stage to confirm that any competition issues would be overlooked in this particular instance due to the fact HBOS was in a mess. Consequently it has been revealed that the HBOS loan book was even worse than anybody had anticipated, something which has dragged down the enlarged group, seen the UK government invest taxpayer's money and ultimately weakened the reputation and the position of Lloyds bank in the UK banking sector.

Now that Sir Victor Blank is on his way out of Lloyds bank, as a consequence of the HBOS merger, we are starting to see new information emerge from the group.

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