TSB float hopes to dodge worries about UK and more sales

By Andrew Griffin
29 May 2014

Lloyds Banking Group began its long-awaited float of TSB on Tuesday, hoping that the rare opportunity to find exposure to UK retail banking will allow investors to look through the weakening sentiment for UK IPOs and any worries about the run of further sales that are to come.

TSB is likely to be valued around £1.3bn-£1.5bn, and Lloyds will look to put 25% of the bank into free float, plus a greenshoe for 10% of the deal size. A ruling by the European Commission means that Lloyds has to sell the rest of the bank by ...

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