HBOS, the UK's fifth largest bank, has streamlined its investment banking relationships, retaining Lazard as financial adviser, and Cazenove and Dresdner Kleinwort Wasserstein as joint brokers.

HBOS is the result of the takeover of Bank of Scotland by Halifax, the UK mortgage bank, in May. Lazard's role as co-financial adviser was never in question as it led the financial advice to Sir Dennis Stevenson and James Crosby, Halifax's chairman and chief executive, on the merger. The pair has assumed the same roles in the new group.