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HBOS write-downs highlight continuing gloom in banking sector


Published :
Fri, 12 Dec 2008 08:33
By : own author
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London - Ailing British lender Halifax Bank of Scotland (HBOS) Friday reported an increase in write-downs to 8 billion pounds (12 billion dollars) for the first 11 months of 2008. The news sent shockwaves through the banking sector, causing HBOS shares to plummet by 16 per cent on the London stock market. Shares of Lloyds TSB, which is in the process of taking over HBOS, fell by 17 per cent.

The scale of the write-downs, coupled with a warning of more to come, was revealed as shareholders were due to vote Friday on the mammoth merger.

Other banks, including Royal Bank of Scotland (RBS) and Barclays, also saw share prices fall in London Friday.


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