LONDON May 27 Lloyds Banking Group
said on Tuesday it will float about 25 percent of its TSB
business on the London Stock Exchange, with the remainder sold
before the end of 2015.
The bank is required to sell TSB because of a European Union
requirement after Lloyds received state aid in the 2007-09
"TSB has a national network of branches, a strong balance
sheet and significant economic protection against legacy
issues," Lloyds Chief Executive Antonio Horta-Osorio said in a
The offer is expected to take place in June, with the
publication of a prospectus mid-June.
(Reporting by Huw Jones; Editing by David Goodman)