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On 13 February 2009, Lloyds Banking Group revealed losses of £10 billion at HBOS, £1.6 billion higher than Lloyds had anticipated in November because of deterioration in the housing market and weakening company profits. [30] The share price of Lloyds Banking Group plunged 32% on the London Stock Exchange, carrying other bank shares with it. [30]
On 16 September HBOS saw 33 per cent of its value wiped out in a single day. The Financial Services Authority (FSA), the UK financial services regulator, responded by imposing a temporary ban on short selling of shares. At the same time, the UK government brokered an agreement with Lloyds Bank to acquire HBOS in a private sector deal.
Following the October 2008 bailouts of RBS, HBOS and Lloyds TSB together with Lloyds TSB's January 2009 merger with HBOS, the Government was holding a 43% stake in Lloyds Banking Group, but then on 6 March 2009, after it became apparent that the HBOS merger had been bad for Lloyds since HBOS had made losses of £11bn, the Government announced it would increase its stake in Lloyds to 65% (77% ...
Neighbouring Halifax and Lloyds TSB branches outside the Arndale Centre, Cross Gates, Leeds. HBOS was acquired by the Lloyds Banking Group in January 2009 amid falling share price and speculation as to its future. Bank of Scotland plc (including its brands such as Halifax) became a wholly owned subsidiary of the group.
LONDON -- Lloyds Banking Group (ISE: LLOY.L) has agreed heads of terms with the Co-operative Group for the sale of 632 Lloyds TSB and Cheltenham and Gloucester branches. The mandated divestment ...
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On 17 September 2008, the BBC reported that HBOS was in takeover talks with Lloyds TSB, in response to a precipitous drop in HBOS's share price. [23] The talks concluded successfully that evening with a proposal to create a banking giant which would hold a third of UK mortgages. [24] An announcement was made on 18 September 2008. [25] [26]
So I reckon, at 30p a share, Lloyds is valued at just over 3.5 times underlying per-tax profit, during difficult times, while net asset value is 58.3p per share. These are fearful times indeed.