HBOS saved from collapse as £12bn takeover deal with Lloyds TSB agreed
Updated on 18 September 2008
A new British banking giant is created as Lloyds TSB announces details of its merger with Halifax Bank of Scotland.
The deal, worth £12bn, has saved HBOS from collapse, but it's expected to cost up to 40,000 jobs and hundreds of high street branches will close.
The chancellor confirmed the government was waiving competition rules to allow the deal to go through, saying the alternative was "very bleak indeed."
