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'Strong appetite' for TSB shares, says bank's boss

Paul Pester says there will be no dividend until 2017 at the earliest. Credit: Nick Ansell/PA Archive

TSB chief executive Paul Pester says there is "strong appetite" from investors for the flotation of TSB, with optimism in the UK and overseas over the strength of Britain's economic recovery.

Further tranches of TSB will be floated later, with Lloyds obliged to dispose of its remaining interest in the business by the end of 2015.

Details of the pricing of next month's offer have yet to be announced but reports put the book value of TSB at about £1.5 billion.

TSB has 'indemnity' against misconduct claims

TSB is protected against compensation claims by its parent company, the bank's chief executive Paul Pester says.

Misconduct claims for the missale of payment protection insurance (PPI) have cost the industry billions of pounds, according to estimates from the Financial Conduct Authority.

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TSB 'an effective challenger', says chief executive

Lloyds chief executive Antonio Horta-Osario says TSB has "a strong balance sheet" and is well protected from the issues that caused the banking crisis.

TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues.

It is already operating on the UK high street and is proving to be a strong and effective challenger, further enhancing competition in the UK banking sector.

– Lloyds chief executive Antonio Horta-Osorio

TSB boss: No dividend until 2017 at earliest

TSB will offer less than a quarter of its available shares to ordinary members of the public, its boss has said.

ITV News Business Editor Joel Hills reports:

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Lloyds Banking Group: IT problems now resolved

A spokesperson for Lloyds Banking Group has said the IT problems encountered earlier are now resolved.

We apologise that earlier today, between 3pm and 6pm, some customers were unable to complete their debit card transactions. Although the majority of transactions were unaffected, we are very sorry for the inconvenience that this will have caused.

At the same time, some customers encountered problems at approximately half of our 7,000 ATMs. This was resolved by 7.30pm, and all of our ATMs are now working.

– Lloyds Banking Group spokesperson

Online and telephone banking were unaffected by the problems.

TSB: Cause of banking problems now fixed

The CEO of TSB has tweeted that the cause of the banking problems are now fixed but added that it will take a while to clear the backlog.

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