Britain's Lloyds Banking Group Plc will reportedly sell 30% to 50% of its stake in the 631 bank branches being rebranded as TSB. The new entity is expected to start trading in the London Stock Exchange in 2014.
Reuters, citing a report by British broadsheet Sunday Telegraph, said that TSB's planned listing is slated in the middle of next year.
The share sale will also include a retail offering, said TSB chief executive Peter Pester in an interview with Sunday Telegraph.
According to Reuters, Lloyds was ordered by European regulators to sell the bank branches. The sale is the British financial institution's penalty for receiving a GBP20 billion (USD32 billion) government bailout in the 2008 financial crisis.
Based on its latest financial report, Lloyds had a revenue of GBP23.53 billion in 2011 and a net income of GBP1.34 billion during the same period.
Pester reported that ten weeks following the release of TBS' new advertising campaign, customers had been signing up for current accounts twice as quickly as the subsidiary had estimated, Reuters said.
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