Lloyds TSB shareholders vote for HBOS takeover

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Lloyds TSB shareholders vote for HBOS takeover

Fri 21st Nov 2008

Shareholders at Lloyds TSB have voted in favour of the takeover of HBOS, which was initially proposed last month.

It is hoped that the acquisition, which is set to create a 'super-bank', will enable the financial institutions to begin granting more personal loans and mortgages.

Lloyds TSB said that a "significant majority" of its shareholders had voted in favour of the resolution.

Sir Victor Blank, chairman of Lloyds TSB, said he was "delighted" that the shareholders had voted in favour.

He added: "Today's successful vote marks another important milestone in the proposed acquisition of HBOS plc to create the UK's leading financial services company."

Earlier this month two senior ex-bankers, one of whom was the former chief executive of the Bank of Scotland, tried to stop the acquisition and called for HBOS's chief executive to resign.

Sir Peter Burt and Sir George Matthewson said that the buyout of the bank by Lloyds TSB was not the best option for shareholders.

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