Senior bankers oppose HBOS takeover
www.moneynews.co.uk > Personal loans > Senior bankers oppose HBOS takeover
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Senior bankers oppose HBOS takeover
Mon 10th Nov 2008
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Sir Peter Burt, former chief executive of the Bank of Scotland, and Sir George Mathewson, former chief executive of the Royal Bank of Scotland, called for the chief executive of HBOS to resign, arguing that shareholders and borrowers would be better off if HBOS remained independent.
In a letter to the chairman of HBOS, a copy of which was published by the BBC, the bankers call the takeover "a deal put together in haste" and argue that since the government's £37 billion banking rescue package was announced, the deal is no longer the most attractive option.
The two wrote: "The terms of the takeover are unfair to HBOS shareholders and we believe there are better options available."
"Lloyds has its own problems", they added.
The Guardian said that the takeover deal could see as many as 22,000 people lose their jobs.
Even if it does not stop the deal, the bankers' intervention could slow down the takeover process and delay the provision of personal loans and mortgages to needy borrowers.
Click here for more mortgage news
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