LONDON: Britain’s Lloyds Banking Group has priced the stock market listing of its TSB business at below book value, aiming to attract investors amid a flurry of new issues and make progress on a much-delayed, costly sale.
Lloyds, 25%-owned by the government, is obliged by European competition regulators to sell the 631 branches which now form TSB as a condition for their approval of state aid received by the bank during the financial crisis five years ago.
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