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Lloyds to increase TSB shares sales after strong demand

Lloyds Bank has increased the number of shares it is selling in TSB as a result of strong demand from investors.

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Sale of 35% stake in TSB nets £455m for Lloyds

Lloyds Banking Group's sale of a 35% stake in TSB will net the taxpayer-backed bank £455m.

The Initial Public Offering (IPO) will see 30% of the stock allocated to around 60,000 ordinary retail ivestors as TSB returns to the market as an independent company for the first time since its 1995 merger with Lloyds.

TSB is currently the seventh biggest UK retail bank with 631 branches and the IPO valued its shares at 260p each, giving the company an overall value of £1.3bn.

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