LONDON (Reuters) - TSB, the new British bank being spun off from Lloyds Banking Group, made a profit of 172 million pounds last year, according to the prospectus for its stock market listing.
In the 332 page document, TSB said it would consider acquisition opportunities if they arose and could, in time, pay out dividends worth between 40 and 60 percent of its underlying earnings. The bank has said it will not pay a dividend until the 2017 financial year in order to invest in growth.
Lloyds said earlier on Monday that it had priced TSB's initial public offering (IPO) at below book value. The mid-point of the price range values the business at 1.3 billion pounds.
(Reporting by Matt Scuffham; Editing by Steve Slater)