Lloyds/HBOS merger: Ministers make a case for Scotland

by Gill Montia

Story link: Lloyds/HBOS merger: Ministers make a case for Scotland

The Scottish Parliament has developed a strategy to minimise the impact on jobs of the proposed merger between Lloyds TSB and HBOS.

First Minister Alex Salmond will be speaking to Lloyds TSB senior management about the advantages of creating a business base in Scotland, where over half of the world’s top 20 financial services companies already have significant operations.

The arguments are contained in a document entitled the Positive Case for Scotland, which outlines the growth of the region’s financial sector and puts a case for retaining both jobs and decision-making processes in the region.

Mr Salmond claims that over the past three years, Scotland has been the best performing part of the UK for attracting financial services jobs.

There is already speculation that the Lloyds TSB/HBOS merger could see the combined bank’s corporate headquarters located in Scotland and that following the takeover, the Bank of Scotland brand will be retained north of the border.