Lib Dem Leader Tavish Scott issues challenge to Lloyds TSB board (Aberdeen South & North Kincardine Liberal Democrats)

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

Lib Dem Leader Tavish Scott issues challenge to Lloyds TSB board

December 12, 2008 7:32 PM
Originally published by Scottish Liberal Democrats

Speaking ahead of the meeting where HBOS shareholders will vote to accept or reject the takeover bid, Leader of the Liberal Democrats in Scotland Tavish Scott MSP has issued a challenge to the Board of Lloyds-TSB.

Mr Scott is calling on the board to create a new structure so that the Bank of Scotland could be floated as an independent bank at some point in the future.Tavish Scott MSP

Commenting, Mr Scott said: "I am calling for the new super-bank group to retain Bank of Scotland as a subsidiary corporate entity, not just as a brand. It should have its own supervisory board and head office management structure in Edinburgh.

"The structure should be designed to allow for possible future flotation of Bank of Scotland as an independent banking institution. This could happen once profitability, solidity and investor confidence has returned to the market.

"If the deal goes through, as I suspect it will, then it is a matter of regret in Scotland.

"Scottish customers and business will face higher bank charges in the future as a result. The UK Government and the HBOS board were wrong to roll this deal through so smoothly."