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HBOS and Lloyds merger could form leasing giant

Written By Faye Sunderland Published On: Sep 18 2008
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Troubled banking group, HBOS’s merger with Lloyds TSB could see the creation of a ‘super-league’ vehicle leasing business numbering around 400,000 vehicles, the BBC claims.  Details have been unveiled today of Lloyds TSB £12.2bn takeover of HBOS."This will be a unique opportunity to accelerate and extend our strategy and create the UK's leading financial services group," Lloyds chairman Sir Victor Blank told the BBC.The UK government is keen to push through the deal to secure the future of the HBOS group and could overrule the concerns of competition groups may have.HBOS owns the contract hire and leasing company, Lex vehicle leasing as well as a number of other companies within the fleet, car leasing and van leasing sector. Lex runs a fleet of more than 250,000 vehicles cars and vans. Lloyds similarly own Lloyds TSB Autolease with a fleet of over 130,000 vehicles currently under their management.

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