HBOS colleagues to benefit from Sharesave schemes

Nearly 15,000 HBOS colleagues stand to make substantial gains when two HBOS Sharesave schemes mature this week.

Colleagues will receive a tax-free bonus based on their monthly savings, which they can either take as cash or use to buy HBOS shares at a discounted price.

More than 4,000 colleagues opted to join the five-year Sharesave plan, which began in 2001, saving an average of £53 per month. At an option price of £5.62 per share, and based on the current HBOS share price, they stand to make an average gain of over £3,400.

Almost 10,000 colleagues joined the three-year Sharesave plan in 2003, with an average monthly contribution of £77. The option price for this plan is £5.74, and the average gain will be £2,600 if they choose to buy the shares at this discounted price.

Sharesave is a special Government-approved type of savings account run by banks and building societies. Sharesave schemes are set up by companies who want to give their employees the opportunity to have their own share stake in the firm.

HBOS shares have outperformed the FTSE 100 and the banking sector every year over the past six years.

David Fisher, HBOS director of group HR, said: "At today's share price colleagues could stand to make a fantastic gain while sharing in the success of HBOS."