Lloyds tsb shareholders have voted in favour of taking over hbos as well as taking government bail-out money members of the unite union had demonstrated outside the venue in glasgow against the job losses that are likely to result from the deal hbos shareholders will vote on the deal to create a. Families were ‘mugged’ by lloyds directors in a disastrous takeover of hbos which cost them their life savings, the high court was told almost 6,000 shareholders – including many families. About 6,000 retail and institutional investors sued for 600 million pounds ($827 million) claiming the bank and its executives deliberately misled them to win approval for the hbos takeover by failing to reveal the true extent of its catastrophic financial position.
The bank’s former chair sir victor blank and former chief executive eric daniels are among those named in the case brought by lloyds shareholders who argue they would not have voted through the takeover of hbos if they had been given the true picture of its financial health. Hbos timeline: the countdown to collapse as the long-awaited report into the troubled emergency takeover of hbos by lloyds is published, we look back over the bank’s turbulent 14-year history.
The claimants, which include around 300 pension and investment funds, accuse lloyds of secretly making a 10 billion-pound loan facility available to hbos and say that the bank received billions in covert financial support from the bank of england and the us federal reserve. Lloyds banking group plc is a major british financial institution formed through the acquisition of hbos by lloyds tsb in 2009 the group's history stems from the founding in 1695 by the parliament of scotland of the bank of scotland, which is the second oldest bank in the united kingdom. Lloyds tsb shareholders have voted in favour of taking over hbos as well as taking government bail-out money members of the unite union had demonstrated outside the venue in glasgow against the job losses that are likely to result from the deal.
Hbos fancied itself as racy and exciting but, when it blew up in 2008, needed a rescuer waiving the usual competition rules, the government steered hbos into the arms of lloyds an initial bail-out of £17 billion ($31 billion) left the government holding a 434% stake in the combined company. In the decision of the takeover bid for hbos, lloyds tsb management board had targeted the opportunity to change for a stronger lloyds banking group as a common reaction, every change in the enlarged lloyds tsb is resisted at both the individual and the organisational level. But hbos chairman dennis stevenson warned last week that the bank may have to be nationalised if the takeover falls through unite general secretary derek simpson said the protesters outside the meeting had been demanding that, lloyds tsb shareholders do not merely consider the financial rewards of a takeover of hbos, but the wider social and employment implications. Lloyds banking group had to be bailed out by uk taxpayers following its takeover of hbos in 2008 photograph: david sillitoe for the guardian lloyds shareholders involved in a £350m legal battle over the company’s takeover of halifax bank of scotland (hbos) have gone to the high court in an attempt to obtain secret documents relating to the deal.
Lloyds shareholders 'mugged' by 2008 hbos takeover, high court told read more the lloyds shareholders claim, among other things, that they were not given a true picture of the financial health of hbos when they voted through the deal in november 2008 and did not know it was a “bust bank” supported by loans from the bank of england and from lloyds itself. Lloyds’s takeover of ailing banking giant hbos in the teeth of the financial crisis almost unravelled within days and felt “like two ocean liners about to collide”, the former chair of lloyds has told the high court.
Hbos offices in lovell park, leeds, formerly those of the leeds permanent building society before its takeover by the halifax building society hbos plc is a banking and insurance company in the united kingdom, a wholly owned subsidiary of the lloyds banking group , having been taken over in january 2009. The government has allowed the takeover of hbos by lloyds tsb to bypass normal competition rules the exchange of hbos shares for lloyds banking group shares took place at an exchange ratio of 0605 of a new lloyds banking group share for every one hbos share held.
August 2008 profits plunge 70% and hbos warns house prices could tumble 18% in next 18 months september 2008 lehman brothers collapses in the us and hbos gets caught up in the turmoil lloyds tsb makes £12bn takeover offer, which the fsa says would “enhance finance stability” october 2008 government announces bailout of the banking system.