Challenge to Lloyds TSB takeover of HBOS
Nov. 8th, 2008 12:02 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
rhythmaningThe BBC is reporting that Sir Peter Burt and Sir George Mathewson are trying to put together an alternative to the Lloyds TSB takeover of HBOS.
This is interesting. Burt oversaw that merger of Bank of Scotland with Halifax, which could be seen to have lead BoS into its current situation. Mathewson oversaw the (up until last year) successful acquisative strategy that built RBS from a small regional bank operating in the UK to the fifth largest bank in the world (by market cap c. 2004).
They were both highly successful, but both were behinds their organisations' expansion that brought them to where they are today: essentially bankrupt and reliant on Government money to survive.
I am not certain I would trust them with HBOS, myself.
Interestingly, Mathewson is one of the SNP Scottish Government's team business advisers. The collapse of RBS and HBOS, and their survival using UK Government support, puts the lie to the SNP's claim to be able to succeed as an independent, small economy.
This is interesting. Burt oversaw that merger of Bank of Scotland with Halifax, which could be seen to have lead BoS into its current situation. Mathewson oversaw the (up until last year) successful acquisative strategy that built RBS from a small regional bank operating in the UK to the fifth largest bank in the world (by market cap c. 2004).
They were both highly successful, but both were behinds their organisations' expansion that brought them to where they are today: essentially bankrupt and reliant on Government money to survive.
I am not certain I would trust them with HBOS, myself.
Interestingly, Mathewson is one of the SNP Scottish Government's team business advisers. The collapse of RBS and HBOS, and their survival using UK Government support, puts the lie to the SNP's claim to be able to succeed as an independent, small economy.