Lloyds Banking Group has announced plans to float a 25% stake in its TSB business next month in a bid to meet European rules on state aid for banks.
The sale of 25% of the business to private shareholders on the London Stock Exchange is set to take place in June and will be initially available to institutional investors and intermediaries, who will in turn facilitate distribution to retail clients. The terms of the sale entitles each retail investor to receive one free share for every 20 purchased up to a total amount of £2,000, as long as they are continuously held for at least a year post IPO. In 2008, Lloyds was bailed out by the UK government, along with a list of rivals, but the new European competition rules require a gradua...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.