Lloyds to sell 35% of TSB in flotation
20th Jun 2014 06:40
Lloyds Banking Group is to sell off a bigger stake in TSB than expected in response to "significant investor demand". Lloyds, which is 25%-owned by the taxpayer, is now planning to offload 175m shares, or 35%, in the 631 branches that form TSB when conditional dealing of the high street banking arm
Read moreLloyds may sell larger stake in TSB IPO - UPDATE
19th Jun 2014 09:55
Lloyds Banking Group is reportedly looking to sell a bigger stake in TSB than previously expected when the high street banking arm floats on the stock market on Friday. Lloyds, which is disposing of the 631 branches that form TSB as a condition of its state bailout in 2009, said earlier this month
Read moreSantander removes Lloyds Banking Group from 'core buy' list
18th Jun 2014 15:32
Santander Global Banking & Markets has blamed a possible UK interest rate rise for its waning enthusiasm towards Lloyds Banking Group. The broker is removing Lloyds from its 'core buy' list, on which the UK bank has been for most of 2012, 2013 and 2014, although it is keeping a 'buy' recommendation
Read moreFTSE 100 movers: Shire rises on reports of bid preparation
17th Jun 2014 15:37
Pharmaceutical group Shire was making gains after Reuters reported that it has hired investment bank Citi as an advisor as it braces itself for takeover bids. The company's Irish tax base and its mid-sized market value of £22bn makes it a prime acquisition target, analysts told the news agency. Whi
Read moreTSB narrows price range for IPO, lifts mid-point
17th Jun 2014 13:41
TSB has narrowed the price range for its upcoming flotation to between 250p and 270p per share, valuing the challenger bank at 1.3bn pounds or more, according to sources familiar with the matter cited by Reuters. One source said the sale was "well-oversubscribed" within that range, the news agency
Read moreTuesday broker round-up UPDATE
17th Jun 2014 09:45
Aquarius Platinum: UBS cuts target price from 41p to 24p and keeps a neutral rating. BAE Systems: Berenberg initiates with a target price of 455p and a hold recommendation. British Land: Deutsche Bank ups target price from 520p to 580p, but still recommends selling. Capital & Counties: Deutsche B
Read moreLondon close: Investors still confident as record highs beckon
9th Jun 2014 16:57
- Housebuilders lift markets higher - US jobs data and ECB action boosting sentiment - US equities at fresh record highs - Lloyds prices TSB IPO well below book value techMARK 2,857.29 +0.20% FTSE 100 6,875.00 +0.24% FTSE 250 16,218.36 -0.09% Stocks saw some slight follow-through buying from last
Read moreFTSE 100 movers: Housing stocks make gains
9th Jun 2014 14:49
Housing stocks were in demand today amid speculation that the government could soon announce measures to incentivise building on brownfield sites across the UK. Barratt Developments led the sector higher, with last week's announcement that the government is set to boost housing supply in the UK ami
Read moreLondon midday: Upbeat global data gives UK stocks a lift
9th Jun 2014 11:30
- Housebuilders, miners lift markets higher - Chinese and Japanese data boosts sentiment - US stock futures flat at record highs - Lloyds prices TSB IPO well below book value techMARK 2,850.52 -0.04% FTSE 100 6,870.36 +0.18% FTSE 250 16,191.67 -0.25% Upbeat economic data from across the globe and
Read moreLloyds prices TSB IPO well below book value - UPDATE
9th Jun 2014 10:08
Lloyds' shares slipped on Monday morning after the company disappointed the market with details of the flotation of its TSB business, priced well below book value. Lloyds said it would sell a 25% stake in TSB by offloading 125m shares, setting the price of the initial public offering (IPO) at betwe
Read moreLondon open: Stocks near 14-year high after upbeat Asian data
9th Jun 2014 08:33
- China trade surplus doubles as exports rise - Japanese consumer confidence improves, GDP revised higher - Rio gains on Credit Suisse comments - Lloyds fall after pricing TSB IPO techMARK 2,852.63 +0.04% FTSE 100 6,872.71 +0.21% FTSE 250 16,239.01 +0.04% Yet another record close on Wall Street fe
Read moreLondon pre-open: Asia data to help drive FTSE higher
9th Jun 2014 07:40
Positive data from Asia and last week's strong US jobs figure are expected to send UK stocks into positive territory this morning. City sources predict the FTSE 100 will open around 11 points higher than Friday's close of 6,858.21. In Asia, China reported a trade surplus of just under $36bn for M
Read moreLloyds announces TSB IPO price range
9th Jun 2014 07:08
Lloyds Banking Group has confirmed the price range for the initial public offering (IPO) of TSB which has been set at between 220p to 290p per ordinary share. The expected offering size is 125m ordinary shares representing 25% of TSB's existing ordinary shares in issue, Lloyds said in a company sta
Read moreSunday newspaper round-up: TSB float, Barclays, Carphone Warehouse
8th Jun 2014 16:25
Lloyds Banking Group will price TSB at up to £1.44bn when it floats the new bank on the stock market - 10% below the new bank's book value, the Sunday Telegraph said. The valuation is designed to ensure a smooth reception for the initial public offering, making the bank priced "to go". Lloyds thinks
Read moreTSB boss defends salary
5th Jun 2014 17:18
TSB's new boss Paul Pester has defended his own salary amid the high street bank's breakaway from Lloyds Banking Group. The company said bonuses for all 8,600 staff will be up to 10% of their salaries and outstanding performers may be rewarded up to 15%. Pester will still be able to earn more than
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