Consolidation and wealth plans for HBOS/Lloyds

It believes this move will enable it to increase sales of life, pensions and unit trust products across the combined customer base and boost revenues. In its announcement to the stock exchange this morning, Lloyds estimates the acquisition of HBOS will lead to an additional contribution to earnings before tax from cost synergies significantly in excess of £1bn by 2011. However, this will only be achieved through consolidation including the “combination of manufacturing in life & pensions and rationalisation of general insurance platforms”. This could have implications for Lloyds-owned ...