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Salmond meets Lloyds TSB bosses Salmond to lead bank presentation
(40 minutes later)
First Minister Alex Salmond is meeting executives from Lloyds TSB to discuss the bank's planned takeover of HBOS. Alex Salmond is to lead a government presentation to Lloyds TSB's chairman, Sir Victor Blank, it has emerged.
He is pressing for the headquarters of the new bank to be in Scotland. It comes after First Minister Alex Salmond's talks with the bank's board member Archie Kane, who is drawing up details of the £12.2bn HBOS takeover.
Mr Salmond is holding talks with a delegation led by Archie Kane, a Lloyds TSB board member and the chief executive of Scottish Widows. During the talks Mr Salmond pressed for assurances about potential job losses and for the new bank's headquarters to be in Scotland.
The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation. Mr Kane said Lloyds TSB had to listen to the issues raised at the meeting.
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.
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Newsnight Scotland asks if market turmoil helped bank bosses complete a deal they had been discussing for some timeNewsnight Scotland asks if market turmoil helped bank bosses complete a deal they had been discussing for some time
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 takeover after shares in Edinburgh-based HBOS plummeted.
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 TSB 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.
Lloyds TSB chairman Sir Victor Blank is reportedly not at the meeting, but Mr Salmond insisted Mr Kane was the right man to discuss HBOS's future. Mr Kane said after the meeting: "We have two organisations that we're trying to put together that have a long, strong Scottish heritage, and there's a great and deep understanding of the issues as they pertain to Scotland.
"We are very interested in pulling together all of the concerns and we will put that into our planning process.
"We haven't started our planning for this deal yet but it's important that we listen to all of the issues that have been reported to us today."
Opposition party leaders who spoke to Mr Kane before his talks with the first minister said their meetings were constructive.Opposition party leaders who spoke to Mr Kane before his talks with the first minister said their meetings were constructive.
Iain Gray, the leader of the Scottish Labour Party, said he was reassured by Lloyds' "commitment to Scotland".Iain Gray, the leader of the Scottish Labour Party, said he was reassured by Lloyds' "commitment to Scotland".
I think we now have to look at the various alternatives Jim SpowartBanker "Lloyds TSB has made some welcome and positive early statements about jobs and headquarter functions," he said.I think we now have to look at the various alternatives Jim SpowartBanker "Lloyds TSB has made some welcome and positive early statements about jobs and headquarter functions," he said.
"Today's meeting was a step in ensuring these ambitions are realised.""Today's meeting was a step in ensuring these ambitions are realised."
Conservative leader Annabel Goldie said: "Politicians cannot dictate to the new entity what commercial decisions it should make.Conservative leader Annabel Goldie said: "Politicians cannot dictate to the new entity what commercial decisions it should make.
"It is our job to encourage, to champion and to persuade Lloyds TSB of the case for Scotland. "It is our job to encourage, to champion and to persuade Lloyds TSB of the case for Scotland."
"Therefore at our meeting I sought reassurance that Lloyds recognised the value, skills and reputation of the Scottish financial sector, urging them to reflect that in their decisions, by building on that reputation."
Tavish Scott, the Liberal Democrat leader, said: "It is clear that Lloyds recognise the importance of financial services to Scotland's DNA.Tavish Scott, the Liberal Democrat leader, said: "It is clear that Lloyds recognise the importance of financial services to Scotland's DNA.
"It is our job as politicians to work across parties and across business to turn that into results.""It is our job as politicians to work across parties and across business to turn that into results."
'National bank''National bank'
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.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."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."
Another possibility was to consider stripping out the Bank of Scotland from HBOS, said Mr Spowart.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."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."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.""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. The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation.