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 plots 50% growth in balance sheet

TSB says it plans to grow its balance sheet by 40%-50% over the next five years.

The bank is aiming to become a larger player in the current account market, growing from 4.2% to 6% during that time.

Chief executive Paul Pester says it has already seen four to five as many people opening accounts every week since the TSB brand was re-launched last September than it had before.

Growth plans will also see TSB mortgages becoming available through brokers again from the start of next year.

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