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Lloyds to launch sale of about 25 pct of TSB next week -sources
May 22, 2014 / 2:12 PM / in 3 years

Lloyds to launch sale of about 25 pct of TSB next week -sources

LONDON, May 22 (Reuters) - Lloyds Banking Group will next week launch the sale of about 25 percent of its TSB business via a stock market flotation with the pricing expected to be below book value, banking industry sources told Reuters.

The amount of stock sold is likely to be at the bottom end of the guidance on how much the bank would sell, according to the sources, reflecting a cooling of investor interest in UK company flotations in recent weeks following a flurry of activity earlier in 2014.

Banking industry sources say the IPO, which will happen before the end of June, is expected to value TSB at less than its book value of 1.5 billion pounds, meaning Lloyds will make a loss on the sale. (Reporting by Matt Scuffham and Freya Berry; Editing by Steve Slater)

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