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Salmond to meet Lloyds TSB bosses Salmond to meet Lloyds TSB bosses
(about 4 hours later)
First Minister Alex Salmond is to meet executives from Lloyds TSB to discuss the bank's planned takeover of HBOS.First Minister Alex Salmond is to meet executives from Lloyds TSB to discuss the bank's planned takeover of HBOS.
He will press for the headquarters of the new bank to be in Scotland.He will press for the headquarters of the new bank to be in Scotland.
Mr Salmond will hold talks with a delegation likely to be led by Archie Kane, a Lloyds TSB board member and the chief executive of Scottish Widows.Mr Salmond will hold talks with a delegation likely to be led by Archie Kane, a Lloyds TSB board member and the chief executive of Scottish Widows.
The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation.The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation.
HBOS was formed in 2001 from a merger between the Halifax and Scotland's oldest bank, The Bank of Scotland. HBOS was formed in 2001 from a merger between the Halifax and Scotland's oldest bank, the Bank of Scotland.
Lloyds TSB announced last week it had agreed a £12.2bn takeover after shares in Edinburgh-based HBOS plummeted.Lloyds TSB announced last week it had agreed a £12.2bn takeover after shares in Edinburgh-based HBOS plummeted.
'Best possible deal' I'm not saying that last week was the wrong deal, and it might be the only deal in town Jim SpowartBanker
The move has raised fears that jobs will be lost and the 300-year-old Scottish institution's heritage will be eroded.The move has raised fears that jobs will be lost and the 300-year-old Scottish institution's heritage will be eroded.
Lloyds said the "management focus" was to keep jobs in Scotland. Lloyds TSB said the "management focus" was to keep jobs in Scotland.
It has also vowed that the Mound would remain as the Scottish headquarters and Bank of Scotland notes would continue to be printed.It has also vowed that the Mound would remain as the Scottish headquarters and Bank of Scotland notes would continue to be printed.
The first minister pledged to "press substantially" to retain the status of the Scottish financial sector when he announced the meeting. The first minister has pledged to "press substantially" to retain the status of the Scottish financial sector.
He also said he would urge the new bank to locate its headquarters in Scotland.He also said he would urge the new bank to locate its headquarters in Scotland.
Lloyds TSB chairman Sir Victor Blank will reportedly not be at the meeting, but Mr Salmond insisted Mr Kane was the right man to discuss HBOS's future.Lloyds TSB chairman Sir Victor Blank will reportedly not be at the meeting, but Mr Salmond insisted Mr Kane was the right man to discuss HBOS's future.
Meanwhile, the financier behind attempts to save the Bank of Scotland has suggested that a foreign bank or investment fund might step in to take it over.
Jim Spowart, who created Intelligent Finance, said: "It may be possible to get another foreign bank to come in and make a bid for this bank, in which case the head office would be kept intact and perhaps the bank could continue to run as is."
'National bank'
Another possibility was to consider stripping out the Bank of Scotland from HBOS, said Mr Spowart.
"We are talking about an institution in Scotland - this is Scotland's national bank," he said.
"I'm not saying that last week was the wrong deal, and it might be the only deal in town.
"But I think we now have to look at the various alternatives."
At Monday's summit, politicians and business leaders united in a bid to make sure Scotland gets the "best possible deal" in the wake of the proposed takeover.At Monday's summit, politicians and business leaders united in a bid to make sure Scotland gets the "best possible deal" in the wake of the proposed takeover.
Mr Salmond and Lesley Sawers, the chief executive of the Scottish Council for Development and Industry, chaired a meeting of the group in Edinburgh.Mr Salmond and Lesley Sawers, the chief executive of the Scottish Council for Development and Industry, chaired a meeting of the group in Edinburgh.
They expressed fears not only about jobs and headquarters, but also about the wider impact on Scotland's society and economy.They expressed fears not only about jobs and headquarters, but also about the wider impact on Scotland's society and economy.