April 21, 2014 7:30 AM ET


Company Overview of HBOS plc

Company Overview

HBOS plc, together with its subsidiaries, provides a range of banking and financial services in the United Kingdom and internationally. It offers current and savings accounts, personal loans, credit cards, and mortgages in the retail market; and loans and capital market products to commercial, corporate, and asset finance customers. The company also provides life, pensions, and investment products; and private banking and asset management services. HBOS plc offers its products and services through branches and offices. The company is based in Edinburgh, the United Kingdom. HBOS plc is a subsidiary of Lloyds Banking Group plc.

The Mound

Edinburgh,  EH1 1YZ

United Kingdom

41,216 Employees

Key Executives for HBOS plc

Group Chief Executive Officer and Director
Age: 49
Finance Director and Director
Age: 50
Chief Executive of HBOS Treasury Services
Age: 65
Chief Executive of Insight Investment
Age: 52
Regional Director
Compensation as of Fiscal Year 2013.

HBOS plc Key Developments

FDIC Launches LIBOR Suit on Behalf of 38 Failed Banks

The FDIC filed a lawsuit against several of the banks and the British Banker's Association, accusing them of 'systematic' LIBOR manipulation and suppression. The agency seeks to recover the 'substantial losses' 38 failed banks sustained as a result of the defendants' alleged wrongful conduct. The list of plaintiffs in a March 14 complaint filed with the U.S. District Court for the Southern District of New York includes 38 failed banks. The FDIC as receiver for the closed banks seeks to recover the 'substantial losses' these institutions sustained as a result of the defendants' 'wrongful conduct.' The complaint states that the British Bankers' Association touted LIBOR as a simple, transparent benchmark calculated from competitive interest rates in the market for unsecured interbank loans. However, the FDIC alleges that during August 2007 to at least mid-2011, the bank defendants 'fraudulently and collusively suppressed USD LIBOR' to their own advantage. The FDIC claims that the BBA participated in the scheme to protect the revenue stream it generated from selling LIBOR licenses, and to appease the bank defendants who were on the LIBOR panel and were members of the BBA. Among the U.S.-based bank defendants named in the case is Bank of America Corp. and subsidiaries including Bank of America NA and Merrill Lynch & Co. Inc. The complaint also names Citigroup Inc. and subsidiaries Citibank NA and Citigroup Financial Products Inc., as well as JPMorgan Chase & Co. and several subsidiaries, including JPMorgan Chase Bank NA and Bear Stearns Capital Markets Inc. Europe-based defendants include Barclays Plc, Rabobank Nederland, Credit Suisse Group AG, Deutsche Bank AG, Portigon AG, WestLB AG, Royal Bank of Scotland Group Plc, Société Générale SA and UBS AG. HSBC Holdings Plc, U.S.-based unit HSBC Bank USA NA and Hong Kong-based subsidiary Hongkong & Shanghai Banking Corp. Ltd. are also on the list of defendants, as are Lloyds Banking Group Plc, Lloyds TSB Bank Plc and HBOS Plc. Canada's Royal Bank of Canada is named as a defendant. Defendants based in Asia include Norinchukin Bank and Bank of Tokyo-Mitsubishi UFJ Ltd. The FDIC is seeking full damages for all the economic, monetary, actual, consequential and compensatory damages that the closed banks suffered as a result of the defendants' wrongful conduct.

HBOS plc Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2013

HBOS plc announced unaudited consolidated earnings results for the six months ended June 30, 2013. For the period, the company reported net interest income of £2,890 million compared to £3,584 million a year ago. The decrease reflected an increase of £461 million in the charge within net interest income for amounts allocated to unit holders in Open-Ended Investment Companies, from £175 million in the half year to June 30, 2012 to £636 million in the six months to June 30, 2013. Total income was £9,709 million compared to £5,178 million a year ago. Profit before tax was £2,424 million compared to £63 million a year ago. Profit attributable to equity shareholders was £1,804 million compared to £6 million a year ago. Net cash provided by operating activities was £2,263 million compared to net cash used in operating activities of £150 million a year ago. Purchase of fixed assets was £560 million compared to £272 million a year ago.

HBOS plc Announces Consolidated Earnings Results for the Year 2012

HBOS plc announced consolidated earnings results for the year 2012. For the year, the company reported net interest income of GBP 6,910 million against GBP 8,398 million a year ago. Total income was GBP 11,838 million against GBP 11,399 million a year ago. Profit before tax was GBP 255 million against loss before tax of GBP 3,894 million a year ago. Profit for the period was GBP 169 million against loss for the period of GBP 3,721 million a year ago. Net cash used in operating activities was GBP 1,533 million against GBP 6,494 million a year ago. Purchase of fixed assets was GBP 476 million against GBP 593 million a year ago. The reduction in net interest income reflected a decrease in average interest-earning assets, mainly due to subdued lending demand and the disposal of assets outside of the Group's risk appetite. It was also driven by a decrease in net interest margin, which resulted from competitive deposit markets and elevated wholesale funding costs continuing into 2012, with the average cost of new funding continuing to be higher than the average cost of maturing funds.

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