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27/05/2014
TSB Flotation Announced By Lloyds Bank
Lloyds Banking Group has said it is to float a 25% stake in its TSB business on the London stock market.
The sale will take place next month and ordinary investors will have an opportunity to purchase shares. These ordinary investors will be rewarded with free shared for longer-term investments, it is understood.
The move to float TSB has been made to meet European Commission competition rules which deal with state aid. In 2008, the bank was bailed out by the taxpayer.
The Co-operative Bank was set to purchase TSB but the sale fell through.
Lloyds now needs to sell its remaining stake in TSB before the end of 2015.
António Horta-Osório, Lloyds Banking Group Chief Executive, said: "The decision to proceed with an initial public offering of TSB is an important further step for the group as we act to meet our commitments to the European Commission.
"TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues."
The shares will be offered to institutional investors and to intermediaries for ordinary investors. Ordinary investors will be given one free share for every 20 they buy – up the value of £2,000 – and hold for a period of one year following the float.
(CVS/JP)
The sale will take place next month and ordinary investors will have an opportunity to purchase shares. These ordinary investors will be rewarded with free shared for longer-term investments, it is understood.
The move to float TSB has been made to meet European Commission competition rules which deal with state aid. In 2008, the bank was bailed out by the taxpayer.
The Co-operative Bank was set to purchase TSB but the sale fell through.
Lloyds now needs to sell its remaining stake in TSB before the end of 2015.
António Horta-Osório, Lloyds Banking Group Chief Executive, said: "The decision to proceed with an initial public offering of TSB is an important further step for the group as we act to meet our commitments to the European Commission.
"TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues."
The shares will be offered to institutional investors and to intermediaries for ordinary investors. Ordinary investors will be given one free share for every 20 they buy – up the value of £2,000 – and hold for a period of one year following the float.
(CVS/JP)
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