HBOS private equity team retained, but scant opportunities elsewhere in Scotland
The decision to retain the 20-strong HBOS Integrated Finance team in the wake of its sale to Coller Capital is without controversy, not least because it represents one of the last vestiges of the bank's disastrous corporate banking empire.
However, the £480m deal will not have as large an impact on the Scottish private equity industry as it once would have. The powerhouse created by Peter Cummings of HBOS's corporate bank has now simply become a non-core part of Lloyds' portfolio that was long-expected to be sold.
Still, the fact that the 20 bankers in the team will come with the 40 HBOS Integrated Finance investments bought by Coller – including shirtmaker TM Lewin and Vue cinemas – will no doubt raise a few eyebrows north of the border.
Particularly as they're likely to receive potentially lucrative private equity style incentive packages at a time when other house in Scotland are struggling somewhat.
"There's not been a huge amount of private equity activity
planning consent for housing but are currently mothballed as the developers can't raise loans from banks to build homes for sale on the open market. and more »
Mortgage StrategyWhen it came to properties being put up 'For Sale', only two regions – Scotland up 4.3% and the East Midlands up 3.7% - saw growth. Home sale numbers fall in Julyall 4 news articles »