City sources claim more than 700 branch closures could result if Lloyds TSB mounts a £20bn bid for Abbey National and prevents a merger with Bank of Scotland.
Lloyds TSB chief executive Peter Ellwood has won his board’s backing to put in place contingency plans for a possible takeover bid of Abbey National.
Sir Brian Pitman, chairman of Lloyds and Lord Tugendhat, chairman of Abbey National, met yesterday to discuss bank consolidation generally.
The Independent 05/12/00 page 19, page 21 (Outlook)
The Times 05/12/00 page 29, page 31 (Commentary)
The Daily Telegraph 05/12/00 page 35
The Guardian 05/12/00 page 27, page 28 (Notebook)
Financial Times 05/12/00 page 29
