Lloyds TSB seals merger with HBOS

Lloyds TSB seals merger with HBOS

news.bbc.co.uk

Lloyds TSB is to merge with HBOS in a £12bn deal which will create a banking giant holding close to one-third of the UK's savings and mortgage market.

The firms' boards agreed to a deal, at a price of 232p per HBOS share, following talks on Wednesday.

The deal should calm uncertainty about the strength of Halifax Bank of Scotland after a run on its shares.

HBOS is currently the country's largest mortgage lender with 20% of the market. Lloyds ranks fourth with an 8% share.

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Related AboveTopSecret.com Discussion Threads:
HBOS - Lloyds TSB merger: UK mortgage rates to rise

looks like the deal has gone through
and under fear HBOS have sold them selves to lloyds group.

this will be intresting seeing one company own almost all the mortgages in the country,

downside is if anything goes wrong now
its a bigger dent as they hold almost all the cards.

this will be official in the morning

news.bbc.co.uk
(visit the link for the full news article)

reply to post by bodrul


Sounds good to me. They can follow the US model and grow from there until they hold 50% of the UK's mortgages, then collapse spectacularly and cost the taxpayers half a trillion pounds to rescue.