HBOS

HBOS plc was the holding company of the HBOS Group, which was formed in September 2001 through the merger of Halifax Group plc (formerly Halifax Building Society ) with the consolidated Bank of Scotland. The name is an acronym for Halifax Bank Of Scotland. The headquarters of HBOS was in Edinburgh, Scotland. Worldwide were last approximately 72,000 employees at HBOS.

In September 2008, a takeover of HBOS by Lloyds TSB has been agreed as part of the international financial crisis from which the merged company Lloyds Banking Group emerged. The shareholders of HBOS agreed to the proposed share exchange of mid-January 2009 was effective.

Both Halifax and Bank of Scotland continue to exist as a separate brand within the enlarged Group.

Takeover by Lloyds TSB

On 18 September 2008, the British banking giant Lloyds TSB, for the sum of 12.2 billion pounds ( 15.47 billion euros ) announced to take the guess by the escalating global financial crisis in distress HBOS. The day before, the market price of HBOS had collapsed as a result of the worldwide panic selling of bank shares. During the 52 -week high was still at 989 pence and the closing price of the previous week, still at 282 pence, the stock had fallen during the day up to 88 pence.

The acquisition will be financed through a share swap. HBOS shareholders will receive 0.83 Lloyds TSB shares for each share their own, with 232 pence ( € 2.92 ) is evaluated. The former HBOS shareholders will thus holds 44 % of the new financial giants, who together hold more than a third of all UK mortgages and a quarter of UK savings deposits and 38 million clients have. The transaction was only possible after competition concerns were thrown by both sides of the Bank of England as well as from government agencies overboard. British Finance Minister Alistair Darling defended the acquisition, pointing out that financial stability constitutes the highest bid and have precedence over concerns about competition in the banking sector.

The approval of the shareholders of Lloyds took place on 19 November 2008, the shareholders' meeting of HBOS agreed on 12 December 2008. The merger so decided in the second half of January 2009 thus enters into force.

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