http://news.bbc.co.uk/1/hi/business/7622180.stmLloyds TSB is to merge with HBOS, creating a banking giant which will hold a third of the UK's savings and mortgage market.
Both firms' boards have agreed to a deal, at a price of 232p per HBOS share following talks.
The deal should calm uncertainty about the strength of Halifax-Bank of Scotland after a run on its shares.
The deal is set to be formally announced on Thursday morning, says BBC business editor Robert Peston.
The talks between the two banks were first reported by the BBC earlier on Wednesday.
Sandy
it has been described in some parts of the press as a shotgun marriage.What a steal for Lloyds either w
ay