The
Financial Services Authority (FSA) has welcomed the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB.
In a statement released the FSA has announced it is "satisfied" that the deal can help HBOS to "continue to find its business in a satisfactory way".
The merger between HBOS and Lloyds TSB has resulted in the enlarged group holding a third of mortgages in the UK.
However, the deal was not blocked by the competition commission under its monopoly rules as the merger was backed by the government.
The FSA said: "The announcement of the proposed merger with Lloyds TSB is a welcome move as it is likely to enhance stability within financial markets and improve confidence among customers and investors in the UK financial sector".
It was also announced by the FSA earlier this week that it has "worked intensively" with all the UK's major banks to ensure they have credible capital and liquidity plans.
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