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EU clears Lloyds plan to list TSB as an entity

img_0032The European Commission has approved plans by Lloyds Banking Group to list hundreds of branches renamed TSB on the London Stock Exchange, paving the way for a flotation before the end of June. The Commission said it had extended an original deadline of November 2013 for Lloyds to sell off the 631 branches to the end of 2015. Lloyds had planned to sell the branches to the Cooperative Bank but that deal fell through last year when a 1.5 billion pound capital shortfall at the Coop was exposed. Lloyds was ordered to sell the business by European regulators as a condition of its 20.5 billion pound government bailout during the 2008/09 financial crisis. It opted for an IPO when the planned sale to the Coop collapsed. European Union competition commissioner Joaquin Almunia said establishing TSB as a standalone bank would increase competition in UK retail banking and create a viable and competitive bank.

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