Lloyds Banking Group has announced that it will sell a 25% stake in its TSB consumer bank in an initial public offering (IPO) in June 2014. A statement from the Bank says that the prospectus will be published in the middle of June.
In 2009, the European Commission (EC) ruled that Lloyds should have to sell part of its business in response to its UK government bailout of over £20bn (US$34bn). The bank won approval from EU regulators on 13 May 2014 to scale back the amount of assets it has to sell.
“TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues,” said Antonio Horta-Osorio, chief executive officer (CEO) at Lloyds Banking Group. “It is already operating on the UK high street and is proving to be a strong and effective challenger.”
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