HBOS, or Halifax Bank of Scotland, was a major British banking and insurance company formed in 2001 through the merger of Halifax and Bank of Scotland. It offered a range of financial services, including personal banking, commercial banking, and insurance products. In 2008, during the global financial crisis, HBOS faced significant financial difficulties and was acquired by Lloyds TSB in a government-backed deal. This acquisition aimed to stabilize the banking sector and prevent further economic turmoil in the UK.