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Huge new bank created today as HBOS takeover goes through
A NEW banking giant comes into existence today (Monday).
Until now the Lloyds TSB takeover of HBOS has shown little change – the HBOS signs are still up at the Trinity Road and Copley sites. The difference is that HBOS shareholders now own Lloyds Banking Group shares.
A spokesman said all HBOS branches would stay open for the time being and it would take up to three years to merge them into one network.
More than 6,000 HBOS workers in Calderdale still face a worrying future – they do not know which branches will be closed.
Ged Nichols, general secretary of Accord, the main union for HBOS workers, said: "There is not much detail about future plans. We are talking with employers to help secure jobs. We are having discussions with HBOS in Edinburgh today and will be talking about timescales.
"It's the end of an era. People are still bruised. Shares are worth a lot less. Clearly there is regret but it's not the worst possible outcome."
Helen Weir, head of retail banking for Lloyds Banking Group, said: "I'm very impressed by the teams in Yorkshire and the enormous contribution they are making towards our becoming the leading financial services provider."
HBOS shares were frozen on Wednesday night at 70.1p and converted to Lloyds Banking Group shares.
This means, for example, if an HBOS shareholder had 400 shares, they were converted to 242 Lloyds Banking Group shares. Lloyds shares closed on Friday at 98.4p. This would mean the holding was worth 238.12 compared with the old HBOS value of 280.40.
Ms Weir will be in Halifax today to reassure workers that the Halifax will have a key role to play in the new "superbank".
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Weather for Halifax
Saturday 11 February 2012
Today
Cloudy
Temperature: -2 C to 0 C
Wind Speed: 8 mph
Wind direction: South west
Tomorrow
Cloudy
Temperature: 2 C to 5 C
Wind Speed: 9 mph
Wind direction: North west
