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Lloyds Bank launches TSB share sale

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Lloyds Bank launches TSB share sale

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Britain’s Lloyds Banking Group has said it will sell about a quarter of its TSB business on the London Stock Exchange next month.

It is the first step in floating all of TSB by the end of next year.

Lloyds was ordered to do that by European regulators because it received state aid during the financial crisis five years ago.

Britain's Coop bank was going to buy TSB’s 631 branches until it ran into own financial difficulties.

Lawmakers and regulators want to see new challengers emerge to break the dominance of Britain’s biggest five lenders – HSBC, Barclays, RBS, Santander and Lloyd – which hold 87 percent of personal current accounts in the UK.

with Reuters