Britain’s Lloyds Banking Group has said it will sell about a quarter of its TSB business on the London Stock Exchange next month.<br /><br />It is the first step in floating all of TSB by the end of next year. <br /><br />Lloyds was ordered to do that by European regulators because it received state aid during the financial crisis five years ago. <br /><br />Britain’s Coop bank was going to buy TSB’s 631 branches until it ran into own financial difficulties. <br /><br />Lawmakers and regulators want to see new challengers emerge to break the dominance of Britain’s biggest five lenders – HSBC, Barclays, RBS, Santander and Lloyd – which hold 87 percent of personal current accounts in the UK.<br /><br />with Reuters
