HBOS confirms talks about selling to Lloyds TSB

LONDON (AP) -- Embattled British mortgage lender HBOS PLC has confirmed that it is in advanced talks about being taken over Lloyds TSB PLC.

The brief Wednesday announcement gives no details and added that the talks may not lead to an agreement.

HBOS is the parent company of Halifax and the Bank of Scotland. It has come under pressure because of its exposure to the U.S. subprime mortgage market, raising questions about whether it can refinance its debt. The bank says it can borrow money whenever it needs to.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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