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Lloyds domiciles TSB in England ahead of Scottish vote

by William Robins on Feb 20, 2014 at 09:57

Lloyds domiciles TSB in England ahead of Scottish vote

Lloyds Banking Group is to relocate TSB Bank to England from Scotland, ahead of the new bank's planned £1.5 billion float.

Ahead of a £1.5 billion TSB float, Lloyds has announced it will domicile the new bank in England. Currently both TSB Bank and Lloyds Banking Group are incorporated in Scotland.

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

The announcement comes amid warnings over a Scottish Yes vote on independence.

Chancellor George Osborne ruled out an independent Scotland sharing the pound with the UK after Bank of England governor Mark Carney said any currently union would require Scotland to share a degree of sovereignty.

Trade body Scottish Financial Enterprise said Scottish fund managers would have to pay millions for a new regulator if independence from the UK goes ahead.

1 comment so far. Why not have your say?

Bob Copperman

Feb 20, 2014 at 12:54

Can someone enlighten me as to what happens if/when Scotalnd becomes independant and the B of E insists that they will not be obliged to share the pound with a foreign country. How will Scottish financial firms like the insurnace companies and banks and asset management firms be able to take English, Welsh and N Irish investments if they are in a differnet currency? I am concerned that independence will happrn at some stage in the future, which is fine if that is what they want, but that 'UK' based investors money will be tied up in a foreign country...Any ideas please???

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