Talks held on alternative HBOS deal

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Scottish Secretary Jim Murphy has had discussions with Jim Spowart, the founder of Intelligent Finance.

Edinburgh-based HBOS is the subject of a proposed £12 billion merger with Lloyds TSB. But it has emerged that Mr Spowart contacted the Secretary of State for Scotland earlier this week to discuss the possibility of a group putting together a rival bid.

The two men were having further talks.

And Mr Spowart told the BBC: "This is a genuine, genuine interest. I can't emphasise that enough at this stage and just let's hope for Scotland this is another alternative that we're able to look at."

He also suggested the rival deal could keep more jobs and decision making functions in Scotland.

Mr Spowart said: "What would attract myself to this would be that we'd keep the decision making in Scotland, or at least it would appear to keep the decision making in Scotland.

"It would keep the bank more or less intact, I can't guarantee the situation on jobs but I don't think there would be job cull at the same level as what is currently estimated or anticipated by Lloyds TSB."

An estimated 17,000 HBOS jobs are based in Scotland and it is feared thousands will be lost if the merger with Lloyds TSB goes through.

Mr Murphy confirmed he had had talks with Mr Spowart and said: "I have spoken to the Treasury and if there is a second serious bid then the Treasury would be happy to talk to them."