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Former bank heads say HBOS can do without Lloyds takeover

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Published Date: 08 November 2008
THE former chief executives of Bank of Scotland and Royal Bank of Scotland say HBOS would be better off without the LLoyds TSB takeover.
Sir Peter Burt and Sir George Mathewson have written to HBOS calling for its chairman and chief executive to resign, saying HBOS and its shareholders would be better off if the bank were to remain independent, it was being reported today.

The let
ter-writers argue HBOS no longer needs to be rescued by Lloyds TSB, because the government and Bank of England have offered vital funds it requires.

The letter states: "It is our intention to create a detailed alternative plan that we believe will represent better value for both the HBOS shareholders and stakeholders by keeping HBOS as an independent bank.

"The Board can accept the Government's offer of financing, return HBOS to its core business using prudent underwriting practices for existing and new customers alike, establish relations with new investors globally and carry out a full strategic review of HBOS' assets and non-core businesses with fresh sets of eyes to maximise shareholder value."

Sir Peter Burt was chief executive of Bank of Scotland when it merged with Halifax to form HBOS, making his intervention difficult for the HBOS board to ignore.





The full article contains 218 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

 
1

kandaharkenny,

rosyth 08/11/2008 12:28:18
Huge mistake calling for resignations ,that will just stiffen the board and goverments resolve.

Anyway why should we listen to a couple of 'old timers' who were involved in the debacle at the onset.

2

Mallory,

Edinburgh 08/11/2008 12:28:33
Expect Messrs Burt and Mathewson would be happy enough for another directorship to add to the pension pots.
3

Mallory,

Edinburgh 08/11/2008 12:30:05
Burt of course helped 'sell off' Bank of Scotland and Mathewson watched as Fred the Shed went after the sub-prime market in North America....
4

COLINTON.MAINS,

Oakville Ontario 09/11/2008 23:00:25
lioyds.tsb.worst.bank.i.dealt.with

 

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