JC Flowers approached Lloyds about TSB unit


pound_sterling_170sqLloyds Banking Group has reportedly received approaches for its TSB business from a number of private equity firms including JC Flowers.

The approaches were at an early stage, but were taken seriously by Lloyds management, said the Telegraph without citing sources.

It is also understood that private equity firm AnaCap, which has been working on a joint bid for RBS branches with peer Blackstone, may have expressed interest, said the report.

Lloyds, which split off the TSB business earlier this month, has been ordered to sell 600 branches by regulators after receiving a £20bn government bailout five years ago.

A Lloyds spokesman told the publication that the group was pursuing an IPO, but was “open to any offer that would give greater value or certainty.”

Earlier this year Lloyds CEO Antonio Horta-Osorio told the Telegraph that an IPO was the banking group’s preferred option for TSB, he was interested in bids in return for a “control premium.”

In June this year JC Flowers teamed up with TPG Capital to bid for Allstate Corp’s Lincoln Benefit Life subsidiary.

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