Lloyds TSB has announced details of its £12.2bn takeover of HBOS after Britain’s biggest mortgage lender lost half its market value in the past week and the government backed a deal. The deal values shares in Halifax Bank of Scotland at 232p each, and could lead to cost savings of £1bn a year.
Lloyds confirmed jobs would be lost as a result, but but played down claims that up to 40,000 staff faced the axe. Lloyds said the new bank would continue to use HBOS’s headquarters in Scotland and would focus on keeping jobs there.