LONDON, May 22 (Reuters) - Lloyds Banking Group will next week launch the sale of about 25 percent of its TSBbusiness via a stock market flotation with the pricing expectedto be below book value, banking industry sources told Reuters.
The amount of stock sold is likely to be at the bottom endof the guidance on how much the bank would sell, according tothe sources, reflecting a cooling of investor interest in UKcompany flotations in recent weeks following a flurry ofactivity earlier in 2014.
Banking industry sources say the IPO, which will happenbefore the end of June, is expected to value TSB at less thanits book value of 1.5 billion pounds, meaning Lloyds will make aloss on the sale. (Reporting by Matt Scuffham and Freya Berry; Editing by SteveSlater)
Lloyds (LLOY)
