Merger of Lloyds TSB and HBOS not offshore headache

The proposed merger of Lloyds TSB and HBOS could have fewer implications for the two firms' offshore operations than for their mainstream UK businesses. Lloyds TSB Offshore and Bank of Scotland International both operate from Jersey, but Bank of Scotland International also has a presence in the Isle of Man. Meanwhile, Clerical Medical International, owned by HBOS and based in the Isle of Man, is the sole offshore life assurer within the two groups.