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HBOS shareholders accept their fate

HBOS shareholders are resigned to their fate this lunchtime as the merger with Lloyds TSB looks increasingly likely to get the go-ahead.

Many investors have said they have little choice but to vote in favour of the deal, particularly in light of the extent of write-downs revealed in this morning’s trading statement.

One shareholder is reported as saying: “I shall vote in favour because
the bank has got itself into such a state it’s the only way to save the company.”

But there are some who are reluctant to bow to pressure. One HBOS investor has branded the takeover as “a fait accompli being imposed by government and management”.


Sign of the times

Mole thought he had found a new friend last week when he noticed a mortgage firm situated around the corner from Mortgage Strategy’s offices.

PPI complaints to FOS top 25,000

Walter Merricks, chief ombudsman at the Financial Ombudsman Service says it has received over 25,000 complaints relating to the sale of payment protection insurance since January 2008.


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