TSB sees 15-20 pct of shares in IPO going to retail investors

LONDON Tue May 27, 2014 2:53am EDT

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LONDON May 27 (Reuters) - British lender TSB expects between 15 percent and 20 percent of shares being offered in the first phase of its stock market listing to be sold to private retail investors, Chief Executive Paul Pester told reporters.

Pester also said that it will take between 4 to 5 years for the bank to reach its target to have a 6 percent share of the personal current account market in Britain.

Lloyds Banking Group said on Tuesday it would float about 25 percent of its TSB business on the London Stock Exchange. It must sell the remainder by the end of 2015 as a condition of its 2008 government bailout.

(Reporting by Matt Scuffham; Editing by Simon Jessop)

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