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Lloyds move 'only show in town' | Lloyds move 'only show in town' |
(about 1 hour later) | |
Scottish First Minister Alex Salmond has said he would be "encouraged" by any move from independent financiers to keep part of the bank HBOS in Scotland. | Scottish First Minister Alex Salmond has said he would be "encouraged" by any move from independent financiers to keep part of the bank HBOS in Scotland. |
Lloyds TSB unveiled a £12.2bn takeover of Britain's biggest mortgage lender after HBOS shares plummeted. | Lloyds TSB unveiled a £12.2bn takeover of Britain's biggest mortgage lender after HBOS shares plummeted. |
But Mr Salmond said his main focus was currently on the the Lloyds TSB offer, as it was the "only show in town". | But Mr Salmond said his main focus was currently on the the Lloyds TSB offer, as it was the "only show in town". |
Financial experts also cast doubt over whether any move to keep part of HBOS in Scotland could work. | Financial experts also cast doubt over whether any move to keep part of HBOS in Scotland could work. |
Lloyds TSB has said it would retain the HBOS headquarters on Edinburgh's Mound, as well as Scottish banknotes. | Lloyds TSB has said it would retain the HBOS headquarters on Edinburgh's Mound, as well as Scottish banknotes. |
HBOS has had a pretty difficult period over the last few months, not the last few days Alistair DarlingChancellor of the Exchequer | |
However Mr Salmond said he wanted the new firm to retain branch offices and key areas of decision-making in Scotland. | However Mr Salmond said he wanted the new firm to retain branch offices and key areas of decision-making in Scotland. |
SNP MSP Alex Neil is to ask a group of elite bankers to make a £6bn bid to save the Bank of Scotland part of HBOS before it was taken over. | SNP MSP Alex Neil is to ask a group of elite bankers to make a £6bn bid to save the Bank of Scotland part of HBOS before it was taken over. |
Mr Neil, a member of the Scottish Parliament's finance committee, said such a buy-out would keep jobs in Scotland, while also retaining the Bank of Scotland as an independent institution. | Mr Neil, a member of the Scottish Parliament's finance committee, said such a buy-out would keep jobs in Scotland, while also retaining the Bank of Scotland as an independent institution. |
The first minister told BBC Scotland's Politics Show: "I'd look at and am significantly encouraged by anyone who sees the importance of retaining jobs, investment, decision-making and control in the Scottish economy. | The first minister told BBC Scotland's Politics Show: "I'd look at and am significantly encouraged by anyone who sees the importance of retaining jobs, investment, decision-making and control in the Scottish economy. |
"But the only show in town at the present moment is the Lloyds TSB bid for HBOS and Lloyds TSB are an excellent company with substantial Scottish roots." | "But the only show in town at the present moment is the Lloyds TSB bid for HBOS and Lloyds TSB are an excellent company with substantial Scottish roots." |
He added: "The focus of most of my efforts is directed with that offer in mind, making sure that various commitments are honoured, because I have to mobilise the concern there is in Scotland to get the best possible outcome for the Scottish economy." | He added: "The focus of most of my efforts is directed with that offer in mind, making sure that various commitments are honoured, because I have to mobilise the concern there is in Scotland to get the best possible outcome for the Scottish economy." |
'Knockdown price' | 'Knockdown price' |
Martin Gilbert, chief executive of international investors Aberdeen Asset Management, said a move such as separating the corporate banking division and keeping it in Scotland was unlikely. | Martin Gilbert, chief executive of international investors Aberdeen Asset Management, said a move such as separating the corporate banking division and keeping it in Scotland was unlikely. |
"This is a phenomenal deal for Lloyds TSB shareholders to buy such a famous bank as HBOS, and they've got it at a knockdown price," he told BBC Scotland. | "This is a phenomenal deal for Lloyds TSB shareholders to buy such a famous bank as HBOS, and they've got it at a knockdown price," he told BBC Scotland. |
Sir Peter Burt, a former Bank of Scotland governor, added that the company could become "unbalanced" without a corporate services division. | Sir Peter Burt, a former Bank of Scotland governor, added that the company could become "unbalanced" without a corporate services division. |
He said other bidders for HBOS could yet come forward. | He said other bidders for HBOS could yet come forward. |
Meanwhile, Chancellor Alistair Darling denied Mr Salmond's previous claim that banning short selling earlier would have stopped the bank's takeover by Lloyds TSB. | |
Mr Darling, who insisted the alternative to a takeover was "just too awful to contemplate", said: "Alex Salmond complains that absolutely nothing had gone wrong until Monday or Tuesday of this week. | |
"As anyone looking at the markets could see, HBOS has had a pretty difficult period over the last few months, not the last few days." |