British bank Lloyds to float 25 percent of TSB
LONDON May 27 (Reuters) - Lloyds Banking Group said on Tuesday it will float about 25 percent 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. (Reporting by Huw Jones; Editing by David Goodman)