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HBOS takeover backed even as bad debts soar

HBOS PLC C won shareholder approval for its acquisition by Lloyds TSB Group PLC C yesterday after a day in which its shares were hammered by soaring bad debts. HBOS, which received overwhelming support for its takeover by Lloyds, warned bad loans and other losses this year had jumped by two-thirds in just two months to £8-billion ($14.9-billion). As banks globally grapple with the deteriorating economic climate, analysts had expected HBOS shareholders to approve the merger and it was duly backed by investors holding 98.45 per cent of its shares by value. But the bank's bad loans position sent a shiver through U.K. lenders and showed how quickly the economy is worsening, especially for corporate loans. In London trading, HBOS fell 20 pence to £6.

Heat is turned up over HBOS takeover

HBOS has played down the dispute with its pension fund trustees as mere sabre-rattling. But the trustees' decision to apply to the Court of Session to block the Lloyds TSB takeover raises the temperature. It is hard to see how the court cannot take the complaint seriously. In essence, a fund responsible for 79,000 people's retirement incomes is owed £3 billion to £5 billion by HBOS and the trustees say that the risk of members being short-changed could be increased by the Lloyds deal in its present form. A compromise looks tricky. Lloyds cannot make any concession that weakens the covenant offered to its own pension funds; the HBOS trustees cannot want to risk derailing the entire deal, however. Somebody needs to blink, and soon.

HBOS bad debt soars on UK woes

HBOS staff demonstrate outside the HBOS shareholders EGM meeting in Birmingham, central England, yesterday.

HBOS migrates mainframe

HBOS is one of the UK's largest mortgage, savings and investment products providers and employs more than 72,000 people across its group. Back in 2004 the company migrated all its applications and data onto a Windows-based platform using Asysco’s AMT-Lion amid concerns of the existing Unisys environment’s long-term viability and costly upkeep. Since then, HBOS has turned to Asysco again to complete the second stage of the mainframe migration project.

HBOS risks the wrath of taxpayers with rewards for managers

While the demise of the HBOS business is in no way directly attributable to the many managers in the operation the news that 100 managers in the HBOS group have been flown to New York with their partners all-expenses-paid, has attracted major criticism from consumer groups. The government is also being pulled into the argument with suggestions that they should be reeling in excessive expenditure such as that seen in the "good times".

HBOS' Bank Of Scotland Corporate Closes GBP434 Million Fund (DJ)

LONDON -(Dow Jones)- Bank of Scotland Corporate, part of HBOS PLC (HBOS.LN), Sunday said it closed a GBP434 million fully-seeded fund containing the bank's risk capital investments in U.K. infrastructure assets.

HBOS retirement funds at risk, says trustee

HBOS could be “hollowed out� by its takeover partner Lloyds TSB, leaving the 79,000 people in the HBOS pension fund at risk of not having their pensions paid in full, the scheme’s leading independent trustee warned yesterday.

Retirement funds at risk in HBOS deal, says trustee

HBOS could be “hollowed out� by its takeover partner Lloyds TSB, leaving the 79,000 people in the HBOS pension fund at risk of not having their pensions paid in full, the scheme’s leading independent trustee warned yesterday.

UPDATE 7-HBOS takeover backed as bad debts soar, shares slump

BIRMINGHAM, England, Dec 12 (Reuters) - HBOS Plc (HBOS.L: Quote, Profile, Research) won shareholder approval for its acquisition by Lloyds TSB (LLOY.L: Quote, Profile, Research) on Friday after a day in which its shares were hammered by soaring bad debts.

Pension trustees seek to delay HBOS deal-adviser

Trustees of HBOS's pension scheme may seek to delay the group's merger with Lloyds TSB in court next month if the latter refuses to guarantee HBOS's pension scheme, an adviser to the trustees said.

Pension trustees seek to delay HBOS deal-adviser

Trustees of HBOS's pension scheme may seek to delay the group's merger with Lloyds TSB in court next month if the latter refuses to guarantee HBOS's pension scheme, an adviser to the trustees said.

UPDATE 1-HBOS pension trustees seek to delay Lloyds deal

LONDON, Jan 2 (Reuters) - Trustees of HBOS's pension scheme will seek to delay the UK bank's takeover by Lloyds TSB in court on Jan. 12 if the latter refuses to guarantee HBOS's pension scheme, they said on Friday.

UPDATE 1-HBOS pension fund drops move to delay Lloyds deal

LONDON, Jan 8 (Reuters) - The trustees of the HBOS (HBOS.L: Quote, Profile, Research) pension fund said on Thursday they had dropped plans to delay the bank's takeover by rival Lloyds TSB (LLOY.L: Quote, Profile, Research) until they received funding guarantees for the retirement scheme.

UPDATE 1-Pension trustees seek to delay HBOS deal-adviser

LONDON, Dec 30 (Reuters) - Trustees of HBOS's pension scheme may seek to delay the group's merger with Lloyds TSB in court next month if the latter refuses to guarantee HBOS's pension scheme, an adviser to the trustees said.

Court rejects attempt to block Lloyds-HBOS deal

A last-ditch attempt to block the takeover of HBOS by Lloyds TSB was dismissed by a court on Wednesday, clearing the way for HBOS investors to vote on the bank takeover in two days.

HBOS dips as pension gap fuels takeover fears

HBOS seems destined to end 2008 with the title that everybody in the FTSE 100 would have wanted to avoid – that of the worst-performing stock of the index’s worst year – after sliding a further 2 per cent yesterday.

HBOS shareholders agree to let bank merge

HBOS shareholders agreed to allow Lloyds TSB to purchase the British bank Friday and voted approval for the bank to accept $17.1 billion in government help.

HBOS shareholders approve takeover

HBOS shareholders overwhelmingly approved the bank's takeover by rival Lloyds TSB and an £11.5 billion funding boost from the taxpayer today.

HBOS reveals rise in bad debt

HBOS revealed that its level of bad debts on mortgages and unsecured lending has soared to around £1.7 billion in the year to date.

HBOS shareholders are meeting in Birmingham to vote on the bank's rescue...

HBOS shareholders are meeting in Birmingham to vote on the bank's rescue takeover by Lloyds TSB and an £11.5 billion taxpayer bail-out.

HBOS fails to pass full rate cut onto all borrowers

HBOS has refused to pass on the full 1% percentage point cut in the base rate to borrowers on its standard-variable-rate (SVR)Â mortgage.

HBOS bad loans surge to $12bn

LONDON: HBOS yesterday warned bad loans and other losses this year had jumped by two-thirds in just two months to £8 billion ($11.9bn) as loans to companies soured.This was announced shortly before its investors backed the British bank's takeover.

HBOS pension trustees seek to delay Lloyds deal

Trustees of HBOS's pension scheme will seek to delay the bank's takeover by Lloyds TSB in court on January 12 if the latter refuses to offer acceptable support to the scheme, they said on Friday.

HBOS pension trustees seek to delay Lloyds deal?

Trustees of HBOS's pension scheme will seek to delay the bank's takeover by Lloyds TSB in court on January 12 if the latter refuses to offer acceptable support to the scheme, they said on Friday. Skip related content

Pension trustees threaten HBOS takeover plan

HBOS pension fund trustees are threatening legal moves to delay the bank’s takeover by Lloyds TSB until better protection is given for the scheme, it was revealed today.

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