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Lloyds Bank to float TSB before the end of June
May 1, 2014 / 6:52 AM / 3 years ago

Lloyds Bank to float TSB before the end of June

LONDON, May 1 (Reuters) - Lloyds Banking Group plans to sell off at least 25 percent of its TSB business in a stock market flotation before the end of June, Finance Director George Culmer told reporters on a conference call.

Lloyds must sell the business, valued by analysts at around 1.5 billion pounds ($2.5 billion), as a condition of its 20.5 billion pound bailout during the 2008/9 business.

Culmer confirmed that some of the shares will be offered to private retail investors. ($1 = 0.5922 British Pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)

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