Unlikely as it may seem, there is another interested party. This from the Scotsman:
A FOREIGN bank is interested in buying HBOS and has approached the UK government on how to proceed, The Scotsman has learned. It has received assurances from the Treasury that any bid would be treated equally to the one on the table from Lloyds TSB.
The unnamed firm is acting through a London-based merchant banker which first put the proposal to Jim Spowart, a leading Scottish businessman who has raised concerns about the future of HBOS.
The BBC (although note not Pestowire) also says Mr Spowart is acting as the go-between. However, they have not been able to identify the mystery foreign bank.
Leading Scots financier Jim Spowart has been approached by a company, so far unnamed, about a possible bid.
Mr Spowart is meeting with Scottish Secretary Jim Murphy to discuss the possibility of a second bid for the troubled bank.
The meeting comes after Mr Spowart contacted Mr Murphy earlier this week to discuss the possibility that contacts he has with merchant bankers in London could be willing to put together a rival bid.
Mr Murphy said: “I have spoken to the Treasury and if there is a second serious bid then they would be happy to talk to them.”
Mr Spowart said there was a “genuine, genuine interest” from the unnamed company.
Nor has the Times:
The day after the government rubber-stamped the deal it has emerged that Scottish Secretary Jim Murphy has been trying to secure an alternative buyer for the Halifax Bank of Scotland.
Mr Murphy says he is in talks with Scottish financier Jim Spowart, who may have already found an interested party among his Merchant Banking contacts in London.
“Jim and I will be having more talks today,” he said, adding: “I have spoken to the Treasury and if there is a second serious bid then they (Treasury) would be happy to talk to them.”
But just how credible is this? Why would a foreign bank want to buy HBOS and take on its huge mortgage book right now? Would the government really take a chance and back another deal? Expect plenty of coverage in tomorrow’s business sections.
Related links:
Overseas bank lines up bid for HBOS – Scotsman
Second bid for HBOS expected – BBC
Rival bid threatens HBOS/Lloyds merger – The Times