Word: hbos
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...largest transfer of housing wealth in British history. The impact is so big because the baby boomers have transformed home ownership: about 70% of households now own their own homes, more than double the 31% that did in 1946, according to Halifax, a subsidiary of the financial-services group HBOS. The firm reckons the inheritance-tax threshold should be raised substantially, to $813,000, to bring it in line with the 179% increase in house prices over the past decade. "The threshold needs to reflect what happened in the property market," says Tim Crawford, group economist at HBOS...
JAMES CROSBY, CEO of U.K. bank HBOS, abandoning a potential counterbid for rival Abbey National against Spain's Banco Santander Central Hispano's $15 billion offer
...stocks are down, the fur is up, and as the annual general meetings kick off, the claws are out for corporate "fat cats." Last week 21% of shareholders voted against executive pay packages at British group HBOS, nearly 50% voted no at BAE Systems, and U.K. Trade and Industry Secretary Patricia Hewitt began investigating ways to limit executive compensation. This despite the fact that most European execs earn a pittance compared to their American cousins: Novartis' respected CEO Daniel Vasella took a top spot on Europe's pay charts by earning $14.9 million last year - less than the U.S. average...
...firm Datamonitor. "Not everyone wants to bank online." Although the four British banks are called pure plays, they have good family connections. Three of them were created by brand-name institutions, though they maintain entirely separate operations: Smile is owned by Co-operative Bank, Intelligent Finance is part of HBOS and Cahoot is owned by Abbey National. Egg is a child of insurance giant Prudential. Some of these may soon find themselves operating desks within their parents' branches. Says Head: "As far as Smile is concerned, [branches are] an option for the future." Emma Byrne, an Egg spokeswoman, notes that...