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Lloyds move 'only show in town' Lloyds move 'only show in town'
(10 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. Scottish First Minister Alex Salmond has said he would be "encouraged" by any move from independent financiers to keep part of the bank HBOS in Scotland.
Lloyds TSB unveiled a £12.2bn takeover of Britain's biggest mortgage lender after HBOS shares plummeted.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".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.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.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 ManagementThis 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.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. SNP MSP Alex Neil is to ask a group of elite bankers to make a £6bn bid to save the Bank of Scotland part of HBOS before it was taken over.
Mr Neil, a member of the Scottish Parliament's finance committee, said such a buy-out would keep jobs in Scotland, while also retaining the Bank of Scotland as an independent institution.
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.""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."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''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.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."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.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.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".UK Chancellor Alistair Darling has said he supported a takeover because the alternative was "just too awful to contemplate".