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FOCUS ON HBOS: HOW A LANDMARK DEAL WENT BAD

<strong>October</strong><br />Blank and Lloyds chief executive Eric Daniels call HBOS chief executive Andy Hornby to discuss the possibility of a takeover, as HBOS struggles with its burdensome property assets.<br /><br /><strong>15 September 08<br /></strong>Gordon Brown approaches Blank at a cocktail party and assures him that competition law will not be an obstacle to any potential takeover of HBOS.<br /><br /><strong>17 September 08<br /></strong>Rumours of the imminent collapse of HBOS are compounded by a ratings downgrade from both Fitch Ratings and Standard &amp; Poor&rsquo;s, sending the bank&rsquo;s stock plunging by half to 88p. HBOS later confirms that it is in talks with Lloyds over a deal to create a &pound;30bn &ldquo;superbank&rdquo;.<br /><br /><strong>18 September 08<br /></strong>Blank and Lloyds chief executive Eric Daniels unveil the takeover. Blank dubs the agreement a &ldquo;landmark&rdquo; deal.<br /><br /><strong>19 January 09<br /></strong>In an interview conducted on the day the deal closes, Blank says: &ldquo;I believe everything is out there as far as HBOS is concerned. They've made three or four statements over the course of last year explaining exactly what their financial position is.&rdquo;<br /><br /><strong>13 February 09<br /></strong>Lloyds takes a &pound;10bn hit on HBOS, about &pound;7bn of which was from impairments in the HBOS corporate lending division.<br /><br /><strong>5 May 09<br /></strong>Reports emerge that disgruntled shareholders, including Aviva Investors, are preparing to vote against Blank&rsquo;s re-election at the bank&rsquo;s June 5 AGM. UKFI gives no guarantee of its support for him.<br /><br /><strong>17 May 09<br /></strong>Blank confirms he will leave the bank before its 2010 AGM.