Business World

Wednesday 13 December 2017

British bank Lloyds to float 25pc of TSB

Lloyds Banking Group said it will float about 25pc of its TSB business on the London Stock Exchange, with the remainder sold before the end of 2015.

The bank is required to sell TSB because of a European Union requirement after Lloyds received state aid in the 2007-09 financial crisis.

"TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues," Lloyds Chief Executive Antonio Horta-Osorio said in a statement.

The offer is expected to take place in June, with the publication of a prospectus mid-June.

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