LONDON, May 27 (Xinhua) -- Lloyds Banking Group announced on Tuesday its TSB unit would hold its initial public offering (IPO) enxt month on the London Stock Exchange.
The London-based bank said it would sell 25 percent of the unit, to be known as TSB Banking Group, in the IPO in June.
The prospectus would be published in mid-June, Lloyds said in a statement. Lloyds was required to sell its remaining stake in TSB by the end of 2015.
"The decision to proceed with an initial public offering of TSB is an important further step for the Group as we act to meet our commitments to the European Commission," said Antonio Horta-Osorio, Group Chief Executive of Lloyds Banking Group.
"TSB ... is already operating on the British high street and is proving to be a strong and effective challenger, further enhancing competition in the British banking sector," the top executive said.
TSB, Britain's seventh largest retail banking group by branch network, has 4.5 million retail customers and over 600 branches.