Lloyds considering float alongside sale of branches
LLOYDS is mulling an initial public offering (IPO) of the 620 branches that it is being forced to sell under EU competition law.
The bank is now pursuing a “dual track” approach to offloading the branches, with a float or sale both on the table. A float would see Paul Pester, now the managing director for the branches, become chief executive of a new standalone bank.
But in the mean time, Lloyds is pressing ahead with a sale and has been finalising an information memorandum to kick off the process this week. Chief exec António Horta-Osório said the bank hopes to have received serious offers by the end of July.
On Wednesday he was accused of trying to present the Vickers Commission, which wants Lloyds to dispose of more than 620 branches, with a “fait accompli” when the panel produces its final report on bank reform in September.