Lloyds reveals details of £12bn HBOS takeover

Lloyds TSB unveiled details today of its £12.2bn (€15.5bn) takeover of ailing rival Halifax Bank of Scotland.

The deal, which is subject to shareholder agreement as well as ratification from the British Financial Services Authority, will create a new banking giant with around a third of the UK mortgage and savings markets. It will be headed by Lloyds TSB’s current chairman and chief executive Eric Daniels.