Published Date:
20 November 2008
By Brian Coates
THE vote by Lloyds TSB shareholders yesterday to approve the bank's takeover of HBOS was good news for jobs in Halifax, according to a union chief.
Ged Nichols, general secretary of Accord, said it would have been disastrous if the vote had gone the other way.
"The takeover is the better deal for the security of members employed in Halifax," said Mr Nichols.
"Lloyds TSB has now to engage with us on behalf of HBOS staff."
Accord, which represents more than half of HBOS staff, had accepted the bank could no longer survive independently.
HBOS shareholders vote on the deal on December 12 when they meet at the NEC in Birmingham and chairman Dennis Stevenson has warned if the deal falls through the bank risks nationalisation.
Under the deal, HBOS investors will receive 0.605 of a Lloyds share for every one of their own shares, which values HBOS at £4.3bn.
HBOS employs around 6,500 in Halifax and a public meeting called by Halifax MP Linda Riordan to discuss the takeover will be held tonight at the Nalgo Office, Northgate House, Halifax, from 7pm.
Lloyds TSB chairman Sir Victor Blank said the result of the vote was an "important milestone."
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Last Updated:
20 November 2008 8:07 AM
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Source:
Evening Courier
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Location:
Halifax
