An unprecedented public hearing on Lloyds TSB's proposed takeover of Abbey National is expected to open today with a lively debate on the pros and cons of the merger of two of Britain's major banks.
The open meeting will also be a rare opportunity to gauge the temperature of a British competition probe into Lloyds' controversial takeover plan, which Abbey National has rejected.
British trade secretary Mr Stephen Byers referred Lloyds' unsolicited £18 billion sterling bid for rival bank Abbey to the Competition Commission last month because the combined group would control nearly one third of British current accounts.
The commission's deputy chairwoman, Ms Denise Kingsmill, who is heading up the competition inquiry, said the hearing aimed to canvass views on the merger.
Lloyd's move to take over Abbey is the latest development in the consolidation of the British financial services industry, where mature markets and increasing competition are forcing established players to drive growth by buying up smaller rivals.
But the bid has stirred up a lot of controversy as it could mean up to 9,000 job losses and 600 branch closures.