Ivan Fallon > Quotes

“The Halifax-Bank of Scotland merger brought to an end the greatest wave of consolidation in British banking history, wholly reshaping the industry in just a few years. It had begun with NatWest bidding for Legal & General; that caused the Bank of Scotland to make a surprise hostile bid for NatWest which it lost to Royal Bank of Scotland. In the meantime Lloyds bid for Abbey National which then approached Bank of Scotland – which merged with Halifax. It seemed like a great game of musical chairs, with Lloyds, which had earlier lost Midland to HSBC, the one left out.”
― Ivan Fallon, Black Horse Ride: The Inside Story of Lloyds and the Banking Crisis