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Lloyds to float TSB arm

TSBLloyds Banking Group is gearing up for the flotation of its TSB arm later this year by registering a new holding company in advance of the £1 billion share sale. The bank, 33% of which is owned by the taxpayer, must dispose of the 631 branches now bunched together under the TSB brand under rules imposed by the EU after its £20 billion taxpayer bailout. The new holding company – TSB Banking Group – is based in England and Wales, which may disappoint those who had hoped it would be registered in Scotland, the traditional base of the bank. However, as a result of the complex structure of banks, the holding company replaces one that was already registered in England. The arm through which customers actually conduct their business, TSB Bank, will continue to be licensed in Scotland. Lloyds said the new company replaces an existing company which currently holds TSB Bank in the [Lloyds Banking Group] corporate structure and, like this existing company, will be registered in London at TSB’s main office.

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