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TSB targets £2bn float in 2014

TSB targets £2bn float in 2014

TSB is to float in the first half next year with a valuation between £1.5 billion and £2 billion, with Lloyds Banking Group set to sell down a stake of between 30% and 50%, according to reports.

The Daily Telegraph reported that an institutional roadshow is expected to begin in January as Lloyds’ plans to spin off the 632 branches gather pace.

Lloyds will initially sell down a stake of between 30% and 50% at the time of the float, reducing its stake further over time.

Some shares will be offered to retail investors through a small number of stock brokers, the paper said.

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