Lloyds announces TSB flotation

A 25% stake in TSB is to be floated on the stock market next month, owner Lloyds Banking Group has announced.

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Public will be offered TSB shares

Shares in TSB will be available to members of the public via intermediaries, as well as institutional investors.

Lloyds Banking Group said the retail offering will contain an incentive allowing each retail investor to receive one free share for every 20 shares acquired up to the value of £2,000 and kept for a year after the float.

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