Fight to save HBOS continues

SNP MSP Alex Neil, who has been leading the campaign against the Lloyds TSB acquisition of HBOS today expressed his disappointment at the decision of Lloyds TSB shareholders to back the takeover as he called on HBOS shareholders to show their support for an independent bank.

Speaking from the Scottish Parliament Mr Neil said;

“I fully understand why Lloyds TSB shareholders would vote to acquire HBOS at such a snip but the very fact they have voted so overwhelmingly in favour exposes the poor deal being offered to HBOS and their shareholders.

“HBOS has been handed to Lloyds TSB on a plate, despite it needing far less recapitalisation as an independent bank than Lloyds TSB itself. 

“In fact the amount of capitalisation needed by the two banks makes it look more like a rescue for Lloyds TSB than for HBOS.

“With Lloyds TSB’s record of slashing domestic jobs employees of both banks will be deeply concerned at this vote.

“In fact the only people smiling at this decision will be Gordon Brown, Alistair Darling and those board members who will benefit from this decision.

“With HBOS shareholders still to cast their vote it is essential that the Treasury end their strong arm tactics and alternatives to this merger continue to be explored.”