Flotation plan boosts Lloyds

SHARES in Lloyds Banking Group soared after it was revealed the part-nationalised bank is moving towards flotation of 632 branches it is trying to sell.

There have been doubts among financial experts whether current attempts to auction the portfolio of branches – which includes the 185 Lloyds TSB Scotland outlets and Edinburgh-based Intelligence Finance operations – could deliver an acceptable price.

Sign up to our daily newsletter

But news that the group is looking at the alternative of floating the assets separately on the stock exchange led to a 5.3 per cent surge in share price.