Decision Nº M/08/036 from Competition and Consumer Protection Commission, 2008-12-17

Date17 December 2008
Decision NumberM/08/036
Decision Date17 December 2008
PartiesHBOS plc,Lloyds TSB Group plc
StatusPreliminary investigation (Phase 1)
Section 21 of the Competition Act 2002
Proposed acquisition by Lloyds TSB Group plc of HBOS plc
Dated 17/12/08
1. On 21 November 2008, the Competiti on Authority (“the Authority”), in
accordance with section 18(1) of the Competition Act 2002 (“the Act”),
was notified, on a mandatory basis, of a proposal (“proposed
transaction”) whereby Lloyds T SB Group plc (“Lloyds T SB”) would
acquire sole control of HBOS plc (“HBOS”).
The Undertakings Involved
The Acquirer
2. Lloyds TSB is a financial services group which prov ides banking and
financial services in the UK, the State and elsewhere in the world.
Lloyds TSB activities are organised into three divisions: UK Retail
Banking; Insurance and Investments; and, Wholesale and
International Banking.
3. In the State, Lloyds TSB carries out the fo llowing activities:
Invoice discounting services through Lloyds TSB Commercial
Finance Ltd (“Commercial Finance Ireland”), a wholly-owned
subsidiary of Lloyds TSB. These services to customers in the
State are provided from the UK operations of Lloyds TSB.
Management of four cash funds and one private equity fund
registered in Ireland.
The Target
4. HBOS is a diversified financial services group engaged in a range of
banking, insurance broking, financial services and finance-related
activities throughout the UK, the State and elsewhere in the world.
5. In the State, HBOS is active through Bank of Scotland (Ireland )
Limited (“BOSI”) which provides personal and corporate b anking
services. In addition, HBOS has an insurance business in Ireland,
which mainly provides captive (i.e., in-house) i nsurance.
6. BOSI operates under two brands: Halifax and Bank of Scotland
The Halifax brand provides personal banking services such as
mortgages, loans, savings, credit cards, current accounts and

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