Lloyds TSB, RBS, HSBC and Barclays have between them well over a thousand subsidiary companies (1,207) incorporated in tax havens. The most popular location is the notorious tax haven of the Cayman Islands with 262 companies, Jersey is second, with 170 companies. HBOS is not included as it has not published a list of its subsidiary companies for 2006, 2007 or 2008 in either its annual report or its Companies House return, in apparent breach of company law.
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