Reports: British bank in merger talks with major lender
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Wed, 17 Sep 2008 13:20
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London - Britain's Lloyds TSB Bank was Wednesday reported to be in advanced merger talks with HBOS, the country's biggest mortgage lender and savings bank hard hit by this week's market turmoil. Neither bank would confirm that talks were taking place, refusing to comment on "speculation," but the BBC reported the lenders were in "advanced talks" over a combination. Since the collapse of US bank Lehman Brothers, HBOS shares have lost up to 30 per cent in value on the London Stock Exchange. HBOS, which stands for Halifax Bank of Scotland, is Britain's biggest mortgage lender, covering about 25 per cent of the market with 15 million savers.
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