Lloyds TSB investors have overwhelmingly backed the bank’s controversial rescue of HBOS and its plans to raise £5.5bn of capital despite some shareholders voicing concerns.
Several hundred investors gathered in Glasgow to hear Sir Victor Blank, Lloyds chairman, say the “landmark” deal would transform his bank, deliver £1.5bn of cost savings and create value for HBOS and Lloyds shareholders.
'For us, the opportunity to put Lloyds and HBOS together has been a longstanding ambition,' he said.
The vote to buy HBOS, backed by 96% of investors, clears a major hurdle for the all-share takeover. Investors also backed a plan for Lloyds to raise capital through a governmentbacked placing. HBOS holds a vote for its investors on December 12.