endstream endobj 25576 0 obj <>/PageLabels 25544 0 R/Pages 25547 0 R/StructTreeRoot 644 0 R/Type/Catalog/ViewerPreferences<>>> endobj 25577 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 5/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 25578 0 obj <>stream [37] The court also convicted David Mills, Michael Bancroft, Alison Mills, and John Cartwright for their parts in the conspiracy. �Gr"Ȏ�(|�P�Ƴ��S��|��L�h�&$�~�O����U�ܽ�J^�GW���ʷ�'�峔�(ߣ,�. On 13 February 2009, Lloyds Banking Group revealed losses of £10bn at HBOS, £1.6bn higher than Lloyds had anticipated in November because of deterioration in the housing market and weakening company profits. h�̖mS�8�A��>�sC�z�=�a&!���R�])��$�:Vj;���߮2�Q _�n4���]i�^=��:�,bG�8�A���t�&b��%R��F��8 "g�hD�q\����ž+�p��&�NP�]e>/� �ǃ����&�Q O67a�W-ꃿQ�f�\��LȨpeޜ_ln�io�ƶl����3[�V���|:fm�p82�^�4�n��o��ak[� n~��}۸�0ᬨzUS���x�jWe�9��K�E�6]�M檖�F����b2mY,$lMm=t�������]M�0��t��K�&/��lfaz;���,�CS�f It is the holding company for Bank of Scotland plc, which operates the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. [1] The formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established Big Four UK retail banks. [38] Following the convictions, the BBC reported: "Businessmen Bancroft and Mills arranged sex parties, exotic foreign holidays, cash in brown envelopes and other favours for Scourfield between 2003 and 2007. [6] The act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS. We are a financial services group with millions of UK customers with a presence in nearly every community; we are familiar on the high street and with over 1 million businesses through our portfolio of brands. [30], In September 2012, Peter Cummings, the head of HBOS corporate banking from 2006 to 2008, was fined £500,000 by the UK financial regulator over his role in the bank's collapse. [37], The BBC added: "A decade on, HBOS's owner Lloyds Banking Group still has not acknowledged the full scale of the fraud - or offered to compensate its victims"; the broadcaster noted that the fraud was first discovered in 2007 by the bank's customers Nikki and Paul Turner, who used publicly available records to uncover it, but that after the Turners submitted their evidence to the bank it dismissed their claims and tried to repossess their home. HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009. The board and control functions failed to challenge effectively the pursuit of that course by the executive management, or to ensure adequate mitigating actions. %%EOF There was a flawed and unbalanced strategy and a business model with inherent vulnerabilities arising from an excessive focus on market share, asset growth and short-term profitability. ", On 13 October 2008, Gordon Brown's announcement that government must be a "rock of stability" resulted to an "unprecedented but essential" government action: the Treasury would infuse £37 billion ($64 billion, €47 billion) of new capital into Royal Bank of Scotland Group Plc, Lloyds TSB and HBOS Plc, to avert financial sector collapse or UK "banking meltdown". [45] The Bank of New York Mellon acquired Insight in 2009. The firm's executive management pursued rapid and uncontrolled growth of the Group's balance sheet. Prime Minister Gordon Brown personally brokered the deal with Lloyds TSB. [10], However, later that day, the BBC reported that HBOS was in advanced takeover talks with Lloyds TSB to create a "superbank" with 38 million customers. Tags zuvor war der Börsenkurs der HBOS als Folge der weltweiten Panikverkäufe von Bankenaktien eingebrochen. �#��Pb��P�^���w�S����LC [14] The price was later altered to 0.605 Lloyds shares per HBOS share.[15]. HBOS-Aktionäre erhalten 0,83 Lloyds-TSB-Aktien pro eigene Aktie, die so mit 232 Pence (2,92 Euro) bewertet wird. Company profile page for HBOS PLC including stock price, company news, press releases, executives, board members, and contact information [30] The share price of Lloyds Banking Group plunged 32% on the London Stock Exchange, carrying other bank shares with it. �5�R턪�lm��E�]Ǽ��P�K�m��4�A����i�� b��%��===;��x�>��>���4� �AP P�`t�@��rP�c�C�3"QX��*��� #�l]Yil��FWνݺ��̯ڎU�]I�8M_y��fmy��_�&��