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Lloyds TSB Group has reportedly agreed to purchase Britain’s biggest mortgage lender HBOS for around £12 billion (A$27.6 billion).
The news comes after HBOS’ shares lost more than half their market value in just three days this week.
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Lloyds TSB, ironically HBOS’ greatest rival lender, is expected to pay around 232 pence ($A5.33) a share for HBOS in a deal that will give the lender control of more than a quarter of the UK mortgage market.
Published: 18-09-08
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