The BANK OF SCOTLAND has announced finalisation of a merger agreement with the leading British real estate loan bank HALIFAX. The move will give rise to the creation of the fifth largest bank in the country with capitalisation of EUR 45 billion. Held at 63% by HALIFAX, the new banking group will be called HBOS and will be located in Edinburgh. It will have an overall network of 1,100 agencies and will employ 58,500, with a net consolidated income of £4.18 billion. See EI of 27 April.