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Bruce calls for HBOS merger to be reviewed

October 14, 2008 11:30 AM

Gordon MP called for the review of the HBOS- Lloyds TSB merger in light of the latest Government bail out package.

Mr Bruce who is meeting the Secretary of State for Scotland Jim Murphy MP to discuss the Scottish banking situation said:

Malcolm Bruce in the House of Commons"When HBOS first sought the protection of a merger with Lloyds TSB they were so exposed they could not stand in the market. Nevertheless the merger could only go ahead by waiving competition rules.

"Now the Government has taken a stake, market pressures will be effectively withdrawn pro tem. I strongly believe the Government should consider maintaining two separate banks to allow for future competition and the development of different and diverse approaches to banking as the terms must change radically in the future."

Mr Bruce raised the issue with the Chancellor, Alistair Darling in the House of Commons yesterday.

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