Lloyds TSB and troubled mortgage bank HBOS were said to be close to announcing a deal to create a new savings and mortgage giant.
The latest twist in a dramatic week for world financial markets halted a further damaging slide in shares at HBOS.
According to the BBC the two firms are in "advanced talks" over a combination that would create a group with a market value of around £30 billion and more than £300 billion of deposits
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