As the long-awaited report into the troubled emergency takeover of HBOS by Lloyds is published,we look back over the bank’s turbulent 14-year history May 2001 Halifax and Bank of Scotland merge to create HBOS, a “fresh force in banking”. January 2004 Mike Ellis, or the then finance director,tells the board the Financial Services Authority (FSA) was concerned the bank was an “accident waiting to happen”. This subsequently emerges in the parliamentary commission on banking standards (PCBS) report in 2013.
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Source: theguardian.com