The offer values HBOS at 12.2 billion pound, which is based on Lloyds TSB's closing price on September 17, 279.75 pence, Lloyds said. Under the terms of acquisition, HBOS shareholders would receive 0.83 Lloyds TSB shares for every one HBOS share.
Loans make money for the lender in the initial years but losses come later when they turn bad.
A 2008-style bank run seems unlikely, but if it did happen, the sector is much better prepared.
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