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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TSB is to list next month. 25% stake in the bank will be sold. Boss says 15 - 20% of shares will go to small (retail) investors.

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Paul Pester says TSB will not pay a dividend until 2017 at earliest as all profits will be channelled into growing bank.

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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.