Anti-merger group's case fast-tracked

04/12/2008

A campaign group formed to fight the Lloyds TSB/HBOS merger has been given a boost.

The Competition Appeal Tribunal said that it would fast-track the case of Merger Action Group (MAG), made up of HBOS shareholders, to be heard next Monday.

Tens of thousands of people could lose their jobs as a result of the £12 billion deal, which was announced earlier this year.

Both banks' branch networks and headquarters would be combined, with many duplicate roles likely to be eliminated.

MAG's chief contention is that business secretary Lord Mandelson didn't refer the merger to the Competition Commission - and that the creation of such a big new bank would be unfair on its rivals.

MAG spokesman Malcolm Fraser said: "The unprecedented rate at which the appeal tribunal decided to fast-track our appeal also demonstrates how vital this case is.

"We are very confident of our legal case and we are greatly encouraged by the huge groundswell of support that our public campaign has attracted in the very short period of time since it was launched only a few days ago."

Tags; Job loss, Recent Graduate Debt,

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