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Lloyds domiciles TSB in England ahead of Scottish vote

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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.

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