Scott steps up campaign to stop HBOS takeover (Aberdeen South & North Kincardine Liberal Democrats)

Aberdeen South & North Kincardine Liberal Democrats <info@aberdeensouthlibdems.org.uk>

Scott steps up campaign to stop HBOS takeover

November 11, 2008 11:31 AM
Originally published by Scottish Liberal Democrats

Tavish Scott today stepped up the action to stop the take-over of HBOS by LloydsTSB.

He has written inviting HBOS Chairman Lord Stevenson and Chief Executive Andy Hornby to an urgent meeting, where they would be joined by Liberal Democrat Shadow Chancellor Vince Cable.

In his letter, Mr Scott wrote:

"In the last few days reports have come through of proposals for both new ownership of HBOS and new leadership at HBOS. There has been little response from those in very senior positions in HBOS.

"Either of these offers might give a better option to shareholders, could keep HBOS independent and may go some way to limit the harm to customers that was highlighted by the Office of Fair Trading report.

"Merger with Lloyds-TSB was a plan meant for a very different world. It was devised before the taxpayer stepped into UK banking with billions of pounds of investment.

"It is now very important that the long term interests of the Scottish economy and the impact on individual and small business customers are given serious consideration. The taxpayer has invested billions. We want our money to get maximum benefit.

"HBOS management needs to demonstrate why they are sticking so doggedly to the old plan even now that there is new money on the table.

"Time is short. I have had telephone calls and e mails from HBOS PR staff but, given the seriousness of the circumstances, it would be right to have the opportunity - perhaps with my Party's Shadow Chancellor Vince Cable MP - to meet you and Andy Hornby in advance of the shareholders' meeting next week."