Lloyds Banking Group PLC Sale of TSB Banking Group plc (6172R)
June 30 2015 - 2:10AM
UK Regulatory
TIDMLLOY TIDM49WI
RNS Number : 6172R
Lloyds Banking Group PLC
30 June 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
30 June 2015
SALE OF TSB BANKING GROUP PLC
Lloyds Banking Group plc (the 'Group') notes the announcement by
Banco de Sabadell, S.A. ('Sabadell') that Sabadell's offer for TSB
Banking Group plc ('TSB') is now unconditional in all respects,
following the receipt of all relevant regulatory clearances.
This effectively completes the sale of the Group's remaining
40.01 per cent stake in TSB to Sabadell for a consideration of
approximately GBP680 million.
The sale of TSB represents the Group's continued delivery of its
commitment to the European Commission ('EC') under the terms of the
state aid decision. The Group will now seek confirmation from the
EC of its compliance with its Retail business disposal commitment,
which it expects to receive well ahead of the mandated deadline of
31 December 2015.
The Group continues to provide services to TSB under the
Transitional Services Agreement.
Bonus Share Scheme
At the time of the initial public offering ('IPO') of TSB in
June 2014, the Group implemented a bonus share scheme pursuant to
which certain retail investors acquiring shares in TSB through the
IPO and holding those shares to 25 June 2015 (12 months post IPO)
would be entitled to receive a number of free and fully-paid up
additional shares (the 'Bonus Shares').
In March 2015, with the support of the TSB Board, the Group
announced it would pay any investors entitled to receive Bonus
Shares the cash value of those Bonus Shares at the offer price.
Such investors are expected to receive their cash entitlements on
or around 17 July 2015.
- END -
For further information:
Investor Relations
Douglas Radcliffe +44 (0) 20 7356 1571
Investor Relations Director
Email: douglas.radcliffe@finance.lloydsbanking.com
Corporate Affairs
Matt Smith +44 (0) 20 7356 3522
Head of Corporate Media
Email: matt.smith@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements with
respect to the business, strategy and plans of Lloyds Banking Group
and its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about Lloyds Banking Group's
or its directors' and/or management's beliefs and expectations, are
forward looking statements. By their nature, forward looking
statements involve risk and uncertainty because they relate to
events and depend upon circumstances that will or may occur in the
future. Factors that could cause actual business, strategy, plans
and/or results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such forward
looking statements made by the Group or on its behalf include, but
are not limited to: general economic and business conditions in the
UK and internationally; market related trends and developments;
fluctuations in exchange rates, stock markets and currencies; the
ability to access sufficient sources of capital, liquidity and
funding when required; changes to the Group's credit ratings; the
ability to derive cost savings; changing customer behaviour
including consumer spending, saving and borrowing habits; changes
to borrower or counterparty credit quality; instability in the
global financial markets, including Eurozone instability, the
potential for one or more countries to exit the Eurozone and the
impact of any sovereign credit rating downgrade or other sovereign
financial issues; technological changes and risks to cyber
security; pandemic, natural and other disasters, adverse weather
and similar contingencies outside the Group's control; inadequate
or failed internal or external processes or systems; acts of war,
other acts of hostility, terrorist acts and responses to those
acts, geopolitical, pandemic or other such events; changes in laws,
regulations, accounting standards or taxation, including as a
result of further Scottish devolution; changes to regulatory
capital or liquidity requirements and similar contingencies outside
the Group's control; the policies, decisions and actions of
governmental or regulatory authorities in the UK, the European
Union (EU), the US or elsewhere including the implementation of key
legislation and regulation; the ability to attract and retain
senior management and other employees; requirements or limitations
imposed on the Group as a result of HM Treasury's investment in the
Group; actions or omissions by the Group's directors, management or
employees including industrial action; changes to the Group's
post-retirement defined benefit scheme obligations; the ability to
complete satisfactorily the disposal of certain assets as part of
the Group's EU State Aid obligations; the provision of banking
operations services to TSB Banking Group plc; the extent of any
future impairment charges or write-downs caused by, but not limited
to, depressed asset valuations, market disruptions and illiquid
markets; the value and effectiveness of any credit protection
purchased by the Group; the inability to hedge certain risks
economically; the adequacy of loss reserves; the actions of
competitors, including non-bank financial services and lending
companies; and exposure to regulatory or competition scrutiny,
legal proceedings, regulatory or competition investigations or
complaints. Please refer to the latest Annual Report on Form 20-F
filed with the US Securities and Exchange Commission for a
discussion of certain factors together with examples of forward
looking statements. Except as required by any applicable law or
regulation, the forward looking statements contained in this
document are made as of today's date, and Lloyds Banking Group
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISEAXKEDEKSEEF
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From Apr 2024 to May 2024
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From May 2023 to May 2024