Sponsored by
Lloyds TSB takeover bid goes through
HBOS shareholders have voted in favour of the Lloyds TSB takeover bid.
Now Calderdale's 6,500 HBOS workers are waiting to find out how many jobs will be shed as a result of the deal.
Lloyds TSB has already said it wants to make 1.5 billion in cost savings - which many fear will be in the form of cutting staff numbers and closing branches.
However no decisions will be taken about the closure of branches before the deal is completed, which Lloyds expects to happen towards the end of January.
The deciding vote on the takeover and an 11.5 billion taxpayer bail-out was announced yesterday as shareholders met for the general meeting in Birmingham.
Linda Riordan, Halifax MP, said: "Now we know that both Lloyds and HBOS shareholders have agreed the merger LLoyds can now focus on how they can use the skills of HBOS workers in Halifax to make the new banking group a success.
"I want to keep talking with the senior management at Lloyds TSB so that we can protect as many local jobs as possible."
The Evening Courier has been campaigning to keep as many Calderdale jobs as possible safe from any planned cost-cutting measures.
Campaigners want to ensure the purpose-built Trinity Road headquarters and data-processing centre in Copley are kept open.
Both Lloyds and HBOS staff, members of union Unite, held a demonstration outside the meeting to plead against large-scale compulsory redundancies.
Shareholders approved plans for the 8.5 billion offering of ordinary shares, as well as 3 billion in preference shares to be held by the Government.
Based on votes cast before the meeting, it was supported by an 84 per cent majority of individual shareholders, and 98 per cent by the value of shares voted.
At the meeting HBOS chairman Dennis Stevenson said the board was sorry about the financial impact of the crisis on investors and said he was "neither happy nor proud" as chairman.
And chief executive Andy Hornby said the deal was the best option for troubled HBOS.
Yesterday HBOS revealed a further sharp rise in bad debts in corporate and personal lending - now at 8 billion after going up by 3.2 billion since the end of September.
The merger creates a banking giant - Lloyds Banking Group - with around 145,000 staff and 3,000 branches across the UK.
The Government - and therefore the taxpayer - could own as much as 43.5 per cent of the combined entity after underwriting a total of 13 billion in new shares offered by the duo.
Current HBOS investors - including two million smaller shareholders - will be left with a stake of just 20 per cent in the combined bank, with Lloyds TSB shareholders owning 36.5 per cent.
Lloyds TSB shareholders overwhelmingly backed the deal at their general meeting last month.
A legal challenge to the takeover deal, made by businessmen, bank customers and shareholders, was turned down this week.
Email to a friend
Print this page- A58 crash UPDATE: road now re-open after man hit by car earlier this morning
- Crash on the A58 in Halifax this morning UPDATE: Man in hospital with several broken bones
- Taxi worker dies aged 35 after finishing his shift
- Man suffers serious injuries in accident on M62
- How the new Halifax Central Library will look
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
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
