News Column

PRESS: TSB In Line For GBP450 Million IPO Dowry From Lloyds - Telegraph

June 1, 2014

Samuel Agini

LONDON (Alliance News) - Lloyds Banking Group PLC has given TSB GBP450 million as part of its stock market floatation, the Daily Telegraph reported on Saturday, citing documents sent to investors.

Lloyds, which is spinning off TBS in a stock market listing to satisfy European Commission requirements, will pay up to GBP450 million in the case that TSB wants to change its technology platform or if it is taken over, the paper says.

The newspaper cited sources saying that the dowry could be viewed as a potential sweetener for any would-be buyer of the new bank.

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Source: Alliance News

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