Lloyds TSB Group has reportedly agreed to purchase Britain’s biggest mortgage lender HBOS for around £12 billion (A$27.6 billion).
The news comes after HBOS’ shares lost more than half their market value in just three days this week.
Lloyds TSB, ironically HBOS’ greatest rival lender, is expected to pay around 232 pence ($A5.33) a share for HBOS in a deal that will give the lender control of more than a quarter of the UK mortgage market.
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