Lloyds TSB Group
agreed to acquire mortgage lender
for more than $22 billion in a deal backed by the British government aimed at helping to stabilize the British financial system during the world's ongoing credit crisis.
Shares of HBOS fell 51% in the past week following the bankruptcy filing of
and the U.S. government's bailout of
American International Group
, and amid fears it was having trouble raising funds in the wholesale markets.
This article was written by a staff member of TheStreet.com.