Lloyds Banking Group has begun a £1.5bn float of TSB after turning down a last-minute bid from institutional investors, and is set to list on the London Stock Exchange in May.
The Telegraph reports that Paul Pester, CEO of TSB, has been meeting with potential investors since Monday to try to get them to back the float.
TSB has 631 branches. Lloyds is expected to sell 30-50% of TSB in the float.
Pester’s meetings with institutional investors are the first stage of the floatation process.