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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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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

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