High street bank Lloyds TSB has agreed to buy the bank HBOS for the sum of £12.2 billion. Not only could this see the demise of those Halifax adverts, it is believed that thousands of jobs could be lost due to the buyout. That would see the new super bank owning almost 30 per cent of the mortgage market.

The acquisition which was announced formally this morning, needs to be finalised by the Financial Service Authority (FSA) and shareholders from both of the banks; where HBoS shareholders, will receive 0.83 shares from Lloyds TSB bank for every one share they own, bringing the total share ownership to 44 per cent and 56 per cent for HBoS shareholders and Lloyds TSB shareholders, respectively.

Sir Victor Blank, current chairman of Lloyds TSB, will be chairman of the acquired bank. Speaking on the deal, he said: "This will be a unique opportunity to accelerate and extend our strategy and create the UK's leading financial services group.”

Michelle Slade, analyst at Moneyfacts, said both banks were likely to maintain their main mortgage brands, Halifax and Cheltenham & Gloucester.

She added: “The consolidated company will have nearly 30 per cent of the UK mortgage market. It is likely that each brand will maintain its presence and serve its own niche within the mortgage market.”