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Lloyds to sell another 11.5% stake in TSB

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Lloyds Banking Group is to sell another 11.5 per cent stake in its TSB business, leaving it with a 50 per cent holding in what promises to become a challenger to the UK's existing retail banking industry.

The group said on Thursday after the market closed it would sell another 57.5 million shares, worth around £161m pounds at the current share price.

Lloyds initially tried to sell off 27.5 per cent of TSB in June at 260p per share through an initial public offering, but saw much stronger demand than expected for the shares.

The sale was 11 times oversubscribed, as investors from the US and Asia piled into the stock, forcing TSB to expand the IPO to 38.5 per cent of the business.

Investors were attracted by an exposure to the economic recovery in the UK through a bank which has not suffered from some of the issues faced by peers such as RBS.



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