The British Broadcasting Corp reported that banks HBOS and Lloyds TSB are talking about a merger.
HBOS announced last night that it was in advanced talks that could lead to a takeover offer by Lloyds.
“In the light of market speculation, the Board of HBOS PLC confirms that it is in advanced talks with Lloyds TSB Group PLC which may or may not lead to an offer being made for HBOS,” it said in a statement.
HBOS shares have been under heavy pressure on the London Stock Exchange amid fears that it may become a casualty of the credit crunch.
HBOS is the parent company of Bank of Scotland and the Halifax PLC, and is the biggest mortgage lender in the UK.
Earlier yesterday, Britain’s financial watchdog, the Financial Services Authority (FSA), said HBOS was “well capitalized” despite sharp losses to its share price this week.
“Since the beginning of the current extreme difficulties in the financial markets, the Financial Services Authority has worked intensively with all major UK banks to ensure they have credible capital and liquidity plans,” the FSA said in a brief statement. “We are satisfied that HBOS is a well-capitalized bank that continues to fund its business in a satisfactory way.”
In his National Day Rally speech on Sunday, Singaporean Prime Minister Lawrence Wong (黃循財) quoted the Taiwanese song One Small Umbrella (一支小雨傘) to describe his nation’s situation. Wong’s use of such a song shows Singapore’s familiarity with Taiwan’s culture and is a perfect reflection of exchanges between the two nations, Representative to Singapore Tung Chen-yuan (童振源) said yesterday in a post on Facebook. Wong quoted the song, saying: “As the rain gets heavier, I will take care of you, and you,” in Mandarin, using it as a metaphor for Singaporeans coming together to face challenges. Other Singaporean politicians have also used Taiwanese songs
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