LONDON, June 8 Lloyds Banking Group
will on Monday price the sale of a 25 percent stake in its TSB
IPO-LLTS.L business at below its book value, according to
Lloyds will publish the pricing and prospectus for an
initial public offering of TSB shares on Monday, the sources
said. The sale, which will take place before the end of June,
will value TSB at between 0.7 times and 0.9 times its book, or
net asset value of 1.6 billion pounds ($2.7 billion), the
sources said, giving it a valuation of between 1.12 billion and
1.44 billion pounds.
Lloyds is obliged by European competition regulators to sell
the 631 branches which now form TSB as a condition of receiving
state aid during the financial crisis five years ago and it must
therefore now sell the whole of TSB by the end of 2015.
($1=0.5956 British Pounds)
(Reporting by Matt Scuffham; Editing by Greg Mahlich)