Lloyds TSB Take Over HBOS
Published September 18th, 2008
Lloyds TSB has confirmed it is to take over its rival struggling HBOS, Britain’s biggest mortgage lender.
The deal, which is worth £12.2b, will create a new banking giant in the UK with around a third of the mortgage and savings market there.
HBOS is the latest victim of the global credit crisis, which claimed investment banks Lehman Brothers and Merrill Lynch on Monday, and forced the U.S. Federal Reserve to extend an emergency loan to insurance giant AIG on Tuesday.
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