Lloyds "to sell more shares in TSB"

23rd Sep 2014 12:18

Lloyds Banking Group may sell another tranche of shares in TSB Banking Group, it was reported on Tuesday.Lloyds, which sold 38.5% of TSB on the market in June for £500m, is considering a second share sale after a lock-up period expires, according to news agency Reuters.The group is said to have received informal pitches from investment banks for a mandate to sell the shares, which it is tipped to off-load in two separate batches.Lloyds has a short period in which it can sell TSB shares between the end of the lock-up period and the start of a close period before its third quarter results on October 24.Lloyds has to sell the rest of the shares in TSB before the end of 2015 under the rules of a settlement imposed by the European Union in return for the bank's government bailout in the financial crisis.A Lloyds spokesman declined to comment. Its shares fell 1.27p or 1.67% to 74.97p at 13:01 in London.