News Column

TSB's value expected to pass pound(s)1.3bn

June 18, 2014

TSB is expected to have a value of at least pound(s)1.3 billion on its stock market flotation, according to reports.

Owner Lloyds Banking Group is said to have narrowed the price range of the initial public offering (IPO) to between 250p and 270p, from 220p to 290p.

Sources have suggested the offer was over-subscribed within the new range.

Lloyds, 25 per cent-owned by the government, was ordered by European regulators to sell the 631 branches which form TSB as a condition for state aid received during the financial crisis.

TSB's IPO prospectus showed the bank had achieved only modest profits over the past three years.

It made an underlying profit of pound(s)172 million last year, compared with pound(s)28 million in 2012 and pound(s)57 million in 2011.

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Source: Herald, The (Scotland)

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