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MSPs in plea to HBOS shareholders MSPs in plea to HBOS shareholders
(30 minutes later)
A trio of MSPs will join together in opposing the planned takeover of HBOS by Lloyds TSB. A trio of MSPs will join together to oppose the planned takeover of HBOS by Lloyds TSB.
Liberal Democrat leader Tavish Scott, the SNP's Alex Neil and Independent MSP Margo MacDonald want HBOS shareholders to reject the deal.Liberal Democrat leader Tavish Scott, the SNP's Alex Neil and Independent MSP Margo MacDonald want HBOS shareholders to reject the deal.
They will argue the acquisition will lead to thousands of job losses.They will argue the acquisition will lead to thousands of job losses.
The shareholders are to meet in Glasgow in two weeks to vote on whether to accept the bank's recommendation to back the proposed takeover. Lloyds TSB shareholders are to meet in Glasgow in two weeks to vote on whether to accept the bank's recommendation to back the proposed takeover.
A meeting has been scheduled at the SECC on Wednesday 19 November. A meeting has been scheduled to take place at the SECC on Wednesday 19 November.
Labour said it wanted to protect Scottish jobs, but that shareholders should decide.Labour said it wanted to protect Scottish jobs, but that shareholders should decide.
The Conservatives said the decision on the bank's future was down to shareholders but that any rival deal should be properly considered. Conservative leader Annabel Goldie said: "Unless Tavish Scott, Alex Neil and Margo MacDonald are bringing forward their own bid for HBOS there is no other bid.
"For them to urge HBOS shareholders to reject the only bid on the table is utterly irresponsible political posturing at its worst.
"The only alternative to the Lloyds TSB takeover, failing another bid, is effectively nationalisation of HBOS - not an outcome the bank, the taxpayer or anyone else wants to see."
'Treated fairly''Treated fairly'
In a letter to shareholders, Sir Victor Blank, Lloyds TSB's chairman, said the planned acquisition "represents a compelling opportunity to accelerate and extend Lloyds TSB's strategy and create the UK's leading financial services group".In a letter to shareholders, Sir Victor Blank, Lloyds TSB's chairman, said the planned acquisition "represents a compelling opportunity to accelerate and extend Lloyds TSB's strategy and create the UK's leading financial services group".
Meanwhile, Liz Cameron, the chief executive of Scottish Chambers of Commerce, said the country needed a competitive banking sector.Meanwhile, Liz Cameron, the chief executive of Scottish Chambers of Commerce, said the country needed a competitive banking sector.
"All potential bids to secure the future of HBOS and its services must be measured against the criteria of what is best for the Scottish economy and best for Scottish business banking customers," she said."All potential bids to secure the future of HBOS and its services must be measured against the criteria of what is best for the Scottish economy and best for Scottish business banking customers," she said.
"It is vital that nothing is ruled in or ruled out at this stage, and that all bidders and potential bidders are treated fairly and equitably."It is vital that nothing is ruled in or ruled out at this stage, and that all bidders and potential bidders are treated fairly and equitably.
"We only have one opportunity to get this right, and government must ensure that all options are on the table.""We only have one opportunity to get this right, and government must ensure that all options are on the table."