Menu
11/07/2001
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
Trade Secretary Patricia Hewitt said she accepted the findings and recommendations of the Competition Commission and the advice of the Director of General Fair Trading, that the merger should be prohibited.
She added that the right decision was made because the merger “would reduce competition in the markets for personal current accounts and banking services for small and medium sized enterprises, with adverse effects in both markets, resulting in higher prices to customers. and reduced innovation”.
Lloyds TSB noted the announcement and said that they would not be permitted to proceed with an offer for Abbey National.
A spokesman added that the growth opportunities for Lloyds TSB were extremely considerable, with or without Abbey National, and that they would continue to focus on delivering value for its shareholders through organic growth and acquisitions. (CD)
Trade Secretary Patricia Hewitt said she accepted the findings and recommendations of the Competition Commission and the advice of the Director of General Fair Trading, that the merger should be prohibited.
She added that the right decision was made because the merger “would reduce competition in the markets for personal current accounts and banking services for small and medium sized enterprises, with adverse effects in both markets, resulting in higher prices to customers. and reduced innovation”.
Lloyds TSB noted the announcement and said that they would not be permitted to proceed with an offer for Abbey National.
A spokesman added that the growth opportunities for Lloyds TSB were extremely considerable, with or without Abbey National, and that they would continue to focus on delivering value for its shareholders through organic growth and acquisitions. (CD)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 February 2011
Allergan Prescribes Jobs As Lloyds Cuts-back
Ireland had both good and bad news on jobs this week with the medical firm Allergan set to create 20 manufacturing jobs in Westport, Co Mayo. It plans to make its latest product, SeriScaffold, which is used in tissue generation, including breast reconstruction, at the plant.
Allergan Prescribes Jobs As Lloyds Cuts-back
Ireland had both good and bad news on jobs this week with the medical firm Allergan set to create 20 manufacturing jobs in Westport, Co Mayo. It plans to make its latest product, SeriScaffold, which is used in tissue generation, including breast reconstruction, at the plant.
16 October 2009
Halifax Jobs To Go
The new owners of a major estate agency and building society are to sell part of the business. Almost 500 jobs are now under threat after Lloyds Banking Group confirmed it is to sell the Halifax estate agency part of HBOS. It has also emerged that more disposals are expected as Lloyds looks at growing competition in the market.
Halifax Jobs To Go
The new owners of a major estate agency and building society are to sell part of the business. Almost 500 jobs are now under threat after Lloyds Banking Group confirmed it is to sell the Halifax estate agency part of HBOS. It has also emerged that more disposals are expected as Lloyds looks at growing competition in the market.
30 July 2002
Commons Committee calls for banking probe
A House of Commons Treasury Committee has hit out at the UK banks over the difficulty consumers have in understanding credit card interest rate charges.
Commons Committee calls for banking probe
A House of Commons Treasury Committee has hit out at the UK banks over the difficulty consumers have in understanding credit card interest rate charges.
14 May 2002
Banks challenged to end customer rip-off
Consumer magazine group Which? has issued a call to the "big four" banks to address what it describes as the "£500 million rip-off" of customers on the high street.
Banks challenged to end customer rip-off
Consumer magazine group Which? has issued a call to the "big four" banks to address what it describes as the "£500 million rip-off" of customers on the high street.
15 February 2002
FTSE rallies to top two-week high
The FTSE 100, which had slipped below the 5200 mark, rallied late on Friday afternoon to top a two-week high. At one stage in early morning the index was trading at the 5185 before the midday come back restored the index to exceed yesterday's highs.
FTSE rallies to top two-week high
The FTSE 100, which had slipped below the 5200 mark, rallied late on Friday afternoon to top a two-week high. At one stage in early morning the index was trading at the 5185 before the midday come back restored the index to exceed yesterday's highs.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
