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Lloyds move 'only show in town' | |
(39 minutes later) | |
Scottish First Minister Alex Salmond has said he would be "encouraged" by any move from independent financiers to keep the bank HBOS in Scotland. | |
Lloyds TSB unveiled a £12.2bn takeover of Britain's biggest mortgage lender after HBOS shares plummeted. | |
But Mr Salmond said his main focus was currently on the the Lloyds TSB offer, as it was the "only show in town". | |
Financial experts also cast doubt over whether any move to keep part of HBOS in Scotland could work. | |
Lloyds TSB has said it would retain the HBOS headquarters on Edinburgh's Mound, as well as Scottish banknotes. | |
This is a phenomenal deal for Lloyds TSB shareholders to buy such a famous bank as HBOS Martin GilbertAberdeen Asset Management | |
However Mr Salmond said he wanted the new firm to retain branch offices and key areas of decision-making in Scotland. | |
Commenting on reports that a group of Scottish banking elders may make a move to save the Bank of Scotland, the first minister told BBC Scotland's Politics Show: "I'd look at and am significantly encouraged by anyone who sees the importance of retaining jobs, investment, decision-making and control in the Scottish economy. | |
"But the only show in town at the present moment is the Lloyds TSB bid for HBOS and Lloyds TSB are an excellent company with substantial Scottish roots." | |
He added: "The focus of most of my efforts is directed with that offer in mind, making sure that various commitments are honoured, because I have to mobilise the concern there is in Scotland to get the best possible outcome for the Scottish economy." | |
'Knockdown price' | |
Martin Gilbert, chief executive of international investors Aberdeen Asset Management, said a move such as separating the corporate banking division and keeping it in Scotland was unlikely. | |
"This is a phenomenal deal for Lloyds TSB shareholders to buy such a famous bank as HBOS, and they've got it at a knockdown price," he told BBC Scotland. | |
Sir Peter Burt, a former Bank of Scotland governor, added that the company could become "unbalanced" without a corporate services division. | |
He said other bidders for HBOS could yet come forward. | |
UK Chancellor Alistair Darling has said he supported a takeover because the alternative was "just too awful to contemplate". | |