INDUSTRY NEWS

HBOS takeover nets commercial property fund execs £1m

The takeover of HBOS by Lloyds has netted its bosses more than £1million in shares, the Independent has reported.

The Lloyds buyout triggered a change-of-control clause at commercial property fund Invista Real Estate Asset Management, in which HBOS had a 55 per cent stake.

When the merger took place it released share options payable in April to chief executive Duncan Owen (£664,321) and his deputy, Philip Gadsden (£531,456).

Guy Eastaugh, the finance director, will receive shares valued at £328,532 and company secretary Mark Lawson will net almost £50,000, the paper reported.

When Lloyds bought HBOS last week, it formed Lloyds Banking Group.

Further mergers are likely in the residential lending markets. The Britannia Building Society and Co-operative Financial Services are set to unite and form a so-called ‘super-mutual’ business serving nine million savers.
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