Lloyds has announced the successful sale of 57.m shares in TSB Banking Group at a price of 280p per share via a placing.The shares are equivalent to an 11.5% stake in the lenders' share capital, thus reducing its holding to 50%.Following the transaction Lloyds will continue to have 50% of TSB and to consolidate the company's results within its own.The placing is expected to complete on 1 October, generating £160m in gross sales proceeds for the bank led by Antonio Horta Osorio.Commenting on the news, Investec said that while TSB had "sharply underperformed" against all other UK domestic banks over the past six weeks, the new share sale boosted the group's long-term prospects, though it remained a "slow-burn" in the short-term future.The broker added that it estimates TSB will report a loss in the second half of 2014 and in the full-year 2015, albeit one that would be "more than offset by the temporary mortgage enhancement subsidy".Shares of TSB ended the Thursday session 0.07% higher at 285p.