Lloyd’s Bank PLC, said it agreed to...

Lloyd’s Bank PLC, said it agreed to merge its financial services arm with Abbey Life Group PLC in return for a majority stake in the British-based life assurance company. Both firms stressed the business opportunities that would become available in the European Community, which is aiming to turn itself into a genuine single market by the end of 1992. Under the 1.15-billion pound ($2.02-billion) deal, Lloyd s, Britain’s third-largest commercial bank, is merging five of its businesses into Abbey in return for 380 million new shares. This would give Lloyds a 57.6% stake in the renamed Lloyds Abbey Life PLC.