LONDON, Sept 22 Private equity firm JC Flowers
has approached Britain's Lloyds Banking Group about a
bid for the TSB business that was split from the part
state-owned bank earlier this month, the Sunday Telegraph said
without citing sources.
Lloyds, which is now 32.7 percent-owned by the taxpayer
after the government sold a 6 percent stake last week, has been
working on a stock market listing for TSB next year.
The bank was required to sell more than 600 branches, which
it has rebranded TSB, by European regulators as a penalty for
receiving a 20 billion pound ($32 billion) government bailout in
the 2008 financial crisis.
The Sunday Telegraph said the company had received interest
from a number of private equity firms, including JC Flowers, for
The approaches were believed to be at an early stage, but
were understood to have been taken seriously by Lloyds'
management, the newspaper said.
It also said that New York-based private equity group AnaCap
may have expressed interest in some form of trade sale.
A Lloyds spokesman said on Sunday: "We're progressing
towards an IPO of TSB next year but will consider any offers
that would provide greater certainty or value to our
Citigroup and JP Morgan are advising the group on options
JC Flowers declined to comment to the newspaper, and was not
immediately available on Sunday.