(Repeats story to separate snap)
BRUSSELS May 13 The European Commission said on
Tuesday it had approved plans by Lloyds Banking Group LLOY.L to
float hundreds of branches re-named TSB on the London Stock
Exchange, paving the way for a flotation before the end of June.
The Commission said it had extended an original deadline of
November 2013 for Lloyds to sell off the 631 branches. Lloyds
had planned to sell the branches to the Co-operative Bank but
that deal fell through last year when a 1.5 billion pound
capital shortfall at the Co-op was exposed.
The European Commission has approved Lloyds new plan for an
initial public offering (IPO) of TSB. Banking industry sources
expect the IPO to be launched in the last week of May and the
stock to be listed before the end of June.
(Reporting by Matt Scuffham; Editing by Steve Slater)