Lloyds Banking to Sell 57.5 Million Ordinary Shares in TSB
26 September 2014 - 3:04AM
Dow Jones News
By Tapan Panchal
LONDON--Lloyds Banking Group PLC (LYG, LLOY.LN) said Thursday
that it intends to sell a part of its stake in U.K. retail bank TSB
Banking Group PLC (TSB.LN) via an accelerated share book-build
process.
The FTSE10-listed financial-services company said it intends to
sell 57.5 million ordinary shares in TSB. The shares represent
11.5% of the TSB's issued ordinary share capital.
Lloyds said it expects to retain 50% of the issued share capital
of TSB after the share sale. It added it doesn't expect the sale to
have a material impact on its capital position.
UBS Investment Bank is acting as book-runner in connection with
the share placing.
Write to Tapan Panchal at tapan.panchal@wsj.com
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