Company Overview of HBOS plc
HBOS plc, together with its subsidiaries, provides various banking and financial services in the United Kingdom and internationally. The company offers current and savings accounts, personal loans, credit cards, and mortgages in the retail market; and loans and capital market products to commercial, corporate, and asset finance customers. It also provides life, pensions, and investment products; general insurance; and private banking and asset management services. The company is based in Edinburgh, the United Kingdom. HBOS plc is a subsidiary of Lloyds Bank plc.
Edinburgh, EH1 1YZ
Key Executives for HBOS plc
Finance Director and Executive Director
Executive Director and Group Chief Executive Officer
Chief Executive of HBOS Treasury Services
Chief Executive of Insight Investment
Compensation as of Fiscal Year 2014.
HBOS plc Key Developments
HBOS plc Reports Unaudited Consolidated Earnings Results for the Half Year Ended June 30, 2014
Jul 31 14
HBOS plc reported unaudited consolidated earnings results for the half year ended June 30, 2014. For the period, the company reported net interest income of £3,160 million against £2,890 million a year ago. Net trading income was £195 million against £5,106 million a year ago. Net fee and commission income was £236 million against £575 million a year ago. Profit before tax was £1,627 million against £2,424 million a year ago. Profit attributable to equity shareholders was £1,333 million against £1,804 million a year ago. Net cash provided by operating activities was £135 million against £2,263 million a year ago. Purchase of fixed assets was £80 million against £560 million a year ago.
FDIC Launches LIBOR Suit on Behalf of 38 Failed Banks
Mar 17 14
The FDIC filed a lawsuit against several of the banks and the British Banker's Association, accusing them of 'systematic' LIBOR manipulation and suppression. The agency seeks to recover the 'substantial losses' 38 failed banks sustained as a result of the defendants' alleged wrongful conduct. The list of plaintiffs in a March 14 complaint filed with the U.S. District Court for the Southern District of New York includes 38 failed banks. The FDIC as receiver for the closed banks seeks to recover the 'substantial losses' these institutions sustained as a result of the defendants' 'wrongful conduct.' The complaint states that the British Bankers' Association touted LIBOR as a simple, transparent benchmark calculated from competitive interest rates in the market for unsecured interbank loans. However, the FDIC alleges that during August 2007 to at least mid-2011, the bank defendants 'fraudulently and collusively suppressed USD LIBOR' to their own advantage. The FDIC claims that the BBA participated in the scheme to protect the revenue stream it generated from selling LIBOR licenses, and to appease the bank defendants who were on the LIBOR panel and were members of the BBA. Among the U.S.-based bank defendants named in the case is Bank of America Corp. and subsidiaries including Bank of America NA and Merrill Lynch & Co. Inc. The complaint also names Citigroup Inc. and subsidiaries Citibank NA and Citigroup Financial Products Inc., as well as JPMorgan Chase & Co. and several subsidiaries, including JPMorgan Chase Bank NA and Bear Stearns Capital Markets Inc. Europe-based defendants include Barclays Plc, Rabobank Nederland, Credit Suisse Group AG, Deutsche Bank AG, Portigon AG, WestLB AG, Royal Bank of Scotland Group Plc, Société Générale SA and UBS AG. HSBC Holdings Plc, U.S.-based unit HSBC Bank USA NA and Hong Kong-based subsidiary Hongkong & Shanghai Banking Corp. Ltd. are also on the list of defendants, as are Lloyds Banking Group Plc, Lloyds TSB Bank Plc and HBOS Plc. Canada's Royal Bank of Canada is named as a defendant. Defendants based in Asia include Norinchukin Bank and Bank of Tokyo-Mitsubishi UFJ Ltd. The FDIC is seeking full damages for all the economic, monetary, actual, consequential and compensatory damages that the closed banks suffered as a result of the defendants' wrongful conduct.
HBOS plc Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2013
Aug 1 13
HBOS plc announced unaudited consolidated earnings results for the six months ended June 30, 2013. For the period, the company reported net interest income of £2,890 million compared to £3,584 million a year ago. The decrease reflected an increase of £461 million in the charge within net interest income for amounts allocated to unit holders in Open-Ended Investment Companies, from £175 million in the half year to June 30, 2012 to £636 million in the six months to June 30, 2013. Total income was £9,709 million compared to £5,178 million a year ago. Profit before tax was £2,424 million compared to £63 million a year ago. Profit attributable to equity shareholders was £1,804 million compared to £6 million a year ago. Net cash provided by operating activities was £2,263 million compared to net cash used in operating activities of £150 million a year ago. Purchase of fixed assets was £560 million compared to £272 million a year ago.
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