* Stock market value seen in 500-600 mln stg range
* Expects gross proceeds of 41.5 mln stg
By Matt Scuffham
LONDON, May 7 British lender OneSavings Bank
plans to list on the London Stock Exchange to bolster
its capital and provide funding for future growth, it said on
OneSavings is one of several new British banks eying stock
market listings. TSB, which is being spun off from Lloyds
Banking Group, is planning to list before the end of
June, while Aldermore and Shawbrook are also planning
OneSavings, which is backed by U.S. private equity group
J.C. Flowers, said it expected to raise gross proceeds of 41.5
million pounds ($70.5 million) following a flotation of at least
30 percent of the business on London's main market.
The bank was created in 2010 when the struggling Kent
Reliance building society was rescued through a 50 million pound
capital injection from J.C. Flowers.
"A stock exchange listing is the next natural step in the
evolution of the business, providing us with access to the
capital markets to enable us to invest for future growth," Chief
Executive Andy Golding said in a statement.
Golding said the initial offering is likely to take place in
June. JC Flowers is expected to retain a stake of between 30 and
50 percent in the business, which is likely to be valued between
500 million pounds and 600 million, according to sources
familiar with the matter.
Barclays is acting as global co-ordinator for the
OneSavings made a pretax profit of 31.4 million pounds last
year, up from 8.1 million in 2012, and increased lending by 38
percent to 3 billion pounds. It is targeting a dividend payout
of at least 25 percent of earnings.
($1 = 0.5885 British Pounds)
(Editing by Chris Vellacott and David Holmes)