Lloyds to sell 38.5 percent stake in TSB at 260 pence/share

LONDON, June 19 Thu Jun 19, 2014 3:35pm EDT

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LONDON, June 19 (Reuters) - Lloyds Banking Group will on Friday announce the sale of a 38.5 percent stake in TSB and has priced the shares at 260 pence each, at the upper end of the expected range, sources familiar with the matter told Reuters on Thursday.

The sources said Lloyds had seen strong demand from institutional investors in Britain and the United States as well as from private retail investors. At least a quarter of the shares will be sold to the retail market.

The price values TSB at 1.3 billion pounds ($2.2 billion), or 0.8 times its book value. ($1 = 0.5864 British pounds) (Reporting by Matt Scuffham; Editing by Louise Ireland)

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