Lloyds Releases 11.5% stake in TSB
Lloyds Bank has sold 11.5% of its holdings at a price of 280p a share, leaving the remainder 50% to be offloaded by next year’s European regulatory deadline.
Unlike the IPO in June earlier this year, the sale was made to institutional investors only. Demand for the placing of shares was high and the shares were all sold within an hour of it being launched after the market closed yesterday. Investors were attracted by an exposure to the UK’s economic recovery via a bank which is untainted by issues of past misconduct. They see TSB as a worthy challenger to Britain’s ‘big 4’ banks – Lloyds, RBS, Barclays and HSBC.