LONDON, May 13 (Reuters) - The European Commission said onTuesday it had approved plans by Lloyds Banking Group to float hundreds of branches re-named TSB on the London StockExchange, paving the way for a flotation before the end of June.
The Commission said it had extended an original deadline ofNovember 2013 for Lloyds to sell off the 631 branches. Lloydshad planned to sell the branches to the Co-operative Bank butthat deal fell through last year when a 1.5 billion poundcapital shortfall at the Co-op was exposed.
The European Commission has approved Lloyds new plan for aninitial public offering (IPO) of TSB. Banking industry sourcesexpect the IPO to be launched in the last week of May and thestock to be listed before the end of June. (Reporting by Matt Scuffham; Editing by Steve Slater)