Lloyds TSB has announced a £12.2bn takeover of rival Halifax Bank of Scotland.HBOS is the UK's biggest mortgage lender and savings bank. It already has £258bn of retail deposits, and around 15m savers.
Lloyds TSB, which does the bulk of its mortgage lending under its Cheltenham & Gloucester brand, is the UK's third biggest lender in terms of outstanding home loans. During 2007, the latest year for which figures are available, it wrote 8% of all mortgages in the UK.
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