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Name | Symbol | Market | Type |
---|---|---|---|
Lloyds Banking Group Plc | NYSE:LYG | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.74 | 2.75 | 2.73 | 2.74 | 3,641,889 | 17:43:10 |
By Tapan Panchal
LONDON--Lloyds Banking Group PLC (LYG, LLOY.LN) said Thursday that it intends to sell a part of its stake in U.K. retail bank TSB Banking Group PLC (TSB.LN) via an accelerated share book-build process.
The FTSE10-listed financial-services company said it intends to sell 57.5 million ordinary shares in TSB. The shares represent 11.5% of the TSB's issued ordinary share capital.
Lloyds said it expects to retain 50% of the issued share capital of TSB after the share sale. It added it doesn't expect the sale to have a material impact on its capital position.
UBS Investment Bank is acting as book-runner in connection with the share placing.
Write to Tapan Panchal at tapan.panchal@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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