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HBOS merger
12/12/2008
First Minister Alex Salmond has commented on the vote by HBOS shareholders in favour of the merger with Lloyds TSB.
He said:
"My preference was always for HBOS to remain an independent bank, and the failure of the UK Government to live up to its commitment to offer a level playing field for alternative options effectively left the shareholders with no choice.
"What's done is done, and the Scottish Government's job is to represent Scotland's interests in the new merged organisation in order to maximise jobs and decision making in the Scottish economy, and minimise the difficulties over a lessening of competition.
"I welcome the recent announcements by Lloyds TSB in terms of retaining the Bank of Scotland brand, and the Scottish board chaired by Archie Kane to represent all the interests of the enlarged group in Scotland. These have been positive statements, and we will be continuing a dialogue as the bank's plans become clearer, and we strive to secure the best possible outcome for Scotland in the circumstances.
"Now that the decision is made, I wish the new banking group well for the future."