Lloyds unit TSB starts prepping for IPO

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

The management of Lloyds (LYG) unit TSB has started meeting potential investors about a £1.5B+ IPO, The Daily Telegraph reports.

The start of the pre-roadshow process comes after Lloyds rejected a last minute bid from a consortium of institutional investors for the business, which has 631 branches.

Lloyds plans to initially sell 30-50% of TSB in the offering; Lloyds is divesting the subsidiary as part of the conditions of its bailout during the financial crisis.