Lloyds TSB: on deadline to strike deal with HBOS
Sep 17, 2008 | Comments 0
Lloyds TSB has been told they need to announce a signed deal for the takeover of struggling mortgage lender HBOS by 4.30pm today.
As the financial markets saw the most shocking week in financial history Gordon Brown had several conversations with Victor Blank, Lloyds TSB’s chairman about the deal, said a inside source.
HSBC are interested in a possible takeover but not willing to pay anything for the HBOS shares, whereas Lloyds has offered to pay around £2 a share. If the deal was to go ahead it would create a giant of a high street bank.
Lloyds who have managed to come away from risky sub-prime mortgage investments are in a pretty strong position considering the current financial crisis.
Early Afternoon HBOS shares were down 17p at 165p after a day of heavy selling amid fears that Halifax may crumble.
Source: telegraph
Filed Under: Mortgage News