HBOS takeover approved by court

The formation of a UK “super bank” was rubber-stamped today with a court giving its approval for Lloyds TSB’s takeover of HBOS.

The Court of Session in Edinburgh gave the green light to the deal after a legal hearing lasting all day.

The move came after shareholders of the two banking giants voted before Christmas in favour of the tie-up.

Meanwhile, both banks confirmed today that taxpayers are set to own almost half of the new bank created from the takeover.