subscribe: Posts | Comments

Rulebook torn up for Lloyds TSB/HBOS merger...

You all know the story by now – following the collapse of Lehman Brothers, HBOS (the UK’s biggest mortgage lender) took a hammering on the stock market, with its share value falling to below £1 from around £3.50 (compared to close to £10 this time last year) largely as a result of short selling by hedge funds. In order to save the bank from collapse, which would have undoubtedly massive repercussions for the UK economy, a deal was rushed through to allow Lloyds TSB to take over HBOS. This is a Big Deal, because it effectively changes the face of the retail banking (i.e. the banks which most of us little people deal with) industry in the UK,...

posted on: Sep 18, 2008 | author: Lance