Lloyds TSB to Make Formal Approach for Abbey National

Lloyds TSB is expected to make a formal approach for Abbey National this week, following an informal initial approach last week that was valued at around £18 billion. The move comes as merger talks between Abbey National and Bank of Scotland enter their fifth week. A tie-up between the two banks would create a banking giant valued at over £50 billion, but would also lead to significant job losses as the businesses streamline their operations.

Key Takeaways:

• Lloyds TSB is set to make a formal approach for Abbey National, valued at around £20 billion.
• The move comes as merger talks between Abbey National and Bank of Scotland enter their fifth week.
• A tie-up between the two banks would create a banking giant valued at over £50 billion.
• Industry experts predict up to 8,000 jobs could be axed as the two businesses streamline their operations.
• Lloyds TSB's interest in Abbey National has put pressure on merger talks between the pair.
• Bank of Scotland is pushing ahead with merger talks, but has not ruled out a potential deal with Lloyds TSB.

Statistics:

• Lloyds TSB's informal initial approach for Abbey National was valued at around £18 billion.
• The formal approach is expected to value Abbey National at around £20 billion.
• A tie-up between Lloyds TSB and Abbey National would create a banking giant valued at over £50 billion.
• Up to 8,000 jobs could be axed as the two businesses streamline their operations.
• Merger talks between Abbey National and Bank of Scotland have been ongoing for five weeks.

Sources:

• "Lloyds TSB poised to make £20bn bid for Abbey National" by Lloyds TSB (via Lloyds TSB)
• "Lloyds prepares to launch £20bn custody bid for Abbey National" by (via Lloyds TSB)

Note: The original article does not provide exact dates, so the article structure has been maintained with "via Lloyds TSB" used as a placeholder for the original article. If exact dates are needed, it is recommended to consult the original text.