Friday, October 9, 2015   

Lloyds Bank to list part of TSB unit
(05-27 15:20)

State-rescued Lloyds Banking Group announced on Tuesday its intention to float about part of its TSB unit as part of plans to meet European Union competition rules.
LBG plans next month to sell about 25 percent of ordinary shares in TSB to list on the London Stock Exchange, said a statement issued by the bank that gave no details on pricing.
LBG will complete a full sale of the stake by the end of next year, it added.
"The decision to proceed with an initial public offering of TSB is an important further step for the Group as we act to meet our commitments to the European Commission,'' LBG chief executive Antonio Horta-Osorio said of the EU's executive arm.
Britain's part-nationalised Lloyds Banking Group relaunched TSB as a standalone lender last September as it prepares for LBG's full return to the private sector.
LBG remains 25 percent-owned by the British government after recent reductions to the taxpayer's stake and as the banking group slowly recovers from a massive bailout.
It was rescued at the height of the notorious 2008 global financial crisis with 20 billion pounds of state funds, leading the EU to demand that it downsize. --AFP
Other Business breaking news:
China launches global yuan payments ‘superhighway’ (10-08 22:16)
US jobless aid filings fall by 13,000 (10-08 21:52)
Police seize data, documents from Volkswagen headquarters (10-08 21:50)
US blue chips drop ahead of Fed minutes (10-08 21:48)
Bank of England majority favored 0.5pc interest rate, minutes show (10-08 19:31)
Regina Miracle shares leap by 16pc on trading debut (10-08 17:13)
European benchmarks lower (10-08 16:55)
Nikkei closes lower (10-08 14:13)
Shanghai stocks leap by 3.8pc (10-08 12:38)
Pacific trade deal fails Hillary Clinton test (10-08 12:21)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.