In the UK, Commerzbank is recommending Halifax as a stock to buy and has set a new price target of £8 sterling (€12.62) for the stock.

Halifax's results came in at the top range of expectations and reflected a very solid year for the institution. Commerzbank is also positive about its deal with Equitable Life which will complete Halifax's product range for a mass market.

The revised forecasts are based on further zero cost growth promised by the bank and a solid operational performance.