Lloyds Banking Group PLC (ADR) (NYSE:LYG) (LON:LLOY) announced that it will give investors one free share of TSB for every 20 that they buy at banking unit’s IPO scheduled for next month. Lloyds is required to completely sell its stake in TSB, with 600 retail branches and 4.5 million retail customers, by the end of 2015 as part of the aftermath of the financial crisis and the bank’s 2009 government bailout.
"The decision to proceed with an initial public offering of TSB is an important further step for the group as we act to meet our commitments to the European Commission,"...
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