Protests at shareholder meeting

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Lloyds TSB shareholders are meeting at the SECC in Glasgow to vote on the bank's controversial planned takeover of Halifax Bank of Scotland (HBOS).

Union members have protested outside a meeting of Lloyds TSB shareholders to voice concern over possible job losses.

Shareholders voted in favour of the bank's controversial takeover of Halifax Bank of Scotland (HBOS) at a meeting at the SECC in Glasgow.

They also voted to accept £5.5bn of government bailout funding.

Leaders of the Unite union said they remained neutral on the deal, but were determined to prevent any compulsory job losses.

At the meeting, shareholders questioned bosses on a range of issues, including the role of the government in the proposed deal, the exposure of HBOS to bad debts, the mechanics of the takeover, redundancies and the potential value of shares after the deal.

Protesters gathered outside the meeting at the SECC in Glasgow Lloyds TSB vote on HBOS takeover Read Douglas Fraser's blog

Brian Peart, Lloyds TSB shareholder and president of Nexus Financial Group, told the meeting that shareholders had been "blatantly robbed of their assets".

"I fear at the moment I have robbers breaking into my house, demanding 40-60% of my worldy goods," he said.

Responding, the bank's chairman, Sir Victor Blank, defended the takeover.

"I am excited about the prospect of linking the two," he said.

"Out of adversity comes opportunity."

Another angry shareholder told the BBC: "Clearly our elected board haven't got a clue, or they wouldn't have adjusted the price already.

"Nobody knows what's lurking in the talks with HBOS.

"The takeover will go through but not with my vote."

Outside the meeting, Unite members wore T-shirts with the slogan, Secure Jobs = Secure Bank.

Wendy Dunsmore, national secretary with Unite, said: "Unite is the voice of both Lloyds TSB as well as HBOS staff and what we're campaigning for is no compulsory redundancies and also no off-shoring, which would lead to more job losses."

Competition rules are being ripped up to allow this to happen Tavish Scott Scottish Lib Dem leader

Ms Dunsmore criticised Sir Peter Burt and Sir George Mathewson for mooting the possibility of a state-owned independent HBOS - even though proponents argue this would safeguard more jobs.

She said: "They've got no money and no deal on the table - I think it's quite irresponsible to make that type of statement when they've got nothing to show for it."

She said the union had called for a meeting with Lloyds TSB bosses.

"They have given the shareholders an idea that they're looking to save £1.5bn with this takeover," she said.

"We want to meet with the company immediately to explore how they're going to do that.

"We want them to explore all avenues so there's not going to be compulsory redundancies and people's livelihoods ending because of this takeover."

Remain independent

Scottish Liberal Democrat leader Tavish Scott also staged a protest outside the meeting.

The Lib Dems urged shareholders to vote against the planned takeover of HBOS, claiming it jeopardised jobs, branches and competition in the banking sector.

Mr Scott said: "This, as the Lloyds TSB chairman says, is a fantastic arrangement for that particular bank, but it's not a great deal for the thousands of staff who may lose their jobs.

"It's certainly not a great deal for the account holder or the small business who need to access better banking services.

"Competition rules are being ripped up to allow this to happen and I don't think that's in the long-term interests of our economy either."

Meanwhile, the SNP has tabled another motion in the Commons calling for HBOS to remain independent.