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June 23, 2017

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Britain's Lloyds Banking Group increases amount of TSB for sale

LONDON--Britain's state-rescued lender Lloyds Banking Group said Friday that it has ramped up the amount of TSB shares it is selling due to keen investor demand.

Lloyds will sell 35 percent of TSB, or 175 million shares, in a stock market flotation at 260 pence per share, it said in a statement.

That was at the top end of the range it had set, and valued the TSB division at 1.3 billion pounds (US$2.2 billion, 1.6 billion euros).

LBG had announced its intention to float part of TSB last month, in an effort to meet European Union competition rules over its 2008 government bailout.

The group had originally planned to sell 25 percent of TSB, or 125 million shares, with a price range between 220 pence and 260 pence per share.

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