After an abortive (and hilarious) attempt to sell off its TSB branches to the
To entice small shareholders, Lloyds is offering one free share for every 20 shares bought (up to pounds 2,000) if the shares are held for a year. Some predict that they'll be getting a company on the cheap: the odd City analyst now expects Lloyds to make a loss on the sale, with the shares likely to be priced at less than TSB's book value of pounds 1.5bn.
So will the public be buying a dynamic new kind of bank that differs from its peers? Er, maybe not. The standalone TSB will not issue dividends for at least three years - much like its parent, which hasn't paid one since its 2008 bailout.
Lloyds is expected to make a loss on TSB.
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