LONDON May 27 British lender TSB expects
between 15 percent and 20 percent of shares being offered in the
first phase of its stock market listing to be sold to private
retail investors, Chief Executive Paul Pester told reporters.
Pester also said that it will take between 4 to 5 years for
the bank to reach its target to have a 6 percent share of the
personal current account market in Britain.
Lloyds Banking Group said on Tuesday it would float
about 25 percent of its TSB business on the London Stock
Exchange. It must sell the remainder by the end of 2015 as a
condition of its 2008 government bailout.
(Reporting by Matt Scuffham; Editing by Simon Jessop)