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THURSDAY, NOVEMBER 26, 2009
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Bank of China in Talks to Buy UK's No. 1 Bank

HBOS would be largest overseas acquisition by Chinese institution

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(Newser) – The state-owned Bank of China emerged last night as the main player in a new takeover bid for Halifax Bank of Scotland. HBOS, the largest bank in Britain, is currently being taken over by Lloyds, but a former HBOS executive is now putting together a counteroffer. If the deal goes through it would represent the largest-ever overseas acquisition by a Chinese bank, reports the Scotsman.

While it's unclear whether Bank of China will make a formal bid, the future of HBOS remains up in the air. Lloyds has promised major reductions in costs, stoking fears of job losses. In recent days two Scottish bankers who promised to keep HBOS independent attempted a putsch on the bank's leadership, but shareholders rebuffed the action.

Bank of China's landmark headquarters in Hong Kong. Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.
Bank of China's landmark headquarters in Hong Kong. Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.   (©johdax)
Xiao Gang, chairman of bank of China, left, and Zhu Min, executive vice president of the Bank of China pose for photographers in Hong Kong. Bank of China is said to be behind a counteroffer for HBOS.
Xiao Gang, chairman of bank of China, left, and Zhu Min, executive vice president of the Bank of China pose for photographers in Hong Kong. Bank of China is said to be behind a counteroffer for HBOS.   (AP Photo/Vincent Yu)
Former Royal Bank of Scotland chief executive George Mathewson, who has urged HBOS not to merge with Lloyds.
Former Royal Bank of Scotland chief executive George Mathewson, who has urged HBOS not to merge with Lloyds.   (AP Photo/Danny Lawson/PA Wire)
Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.
Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.   (AP Photo/Kirsty Wigglesworth)
Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.
Bank of China is said to be behind a counteroffer for HBOS, Britain's largest bank. HBOS is currently being taken over by Lloyds.   (AP Photo/Sang Tan)
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