LONDON, June 9 TSB IPO-TBS.L, the new British
bank being spun off from Lloyds Banking Group, made a
profit of 172 million pounds ($289 million) last year, according
to the prospectus for its stock market listing.
In the 332 page document, TSB said it would consider
acquisition opportunities if they arose and could, in time, pay
out dividends worth between 40 and 60 percent of its underlying
earnings. The bank has said it will not pay a dividend until the
2017 financial year in order to invest in growth.
Lloyds said earlier on Monday that it had priced TSB's
initial public offering (IPO) at below book value. The mid-point
of the price range values the business at 1.3 billion pounds.
($1 = 0.5956 British Pounds)
(Reporting by Matt Scuffham; Editing by Steve Slater)