In an aim to try and win the support of retail investors by giving them bonus shares, Lloyds Banking Group has launched the highly-anticipated stock market flotation of TSB.
Around 25pc of the 631-branch high-street bank will be floated and, in an effort to secure the backing of retail investors, TSB will offer them one bonus share for every 20 they buy - up to £2,000 - if they hang on to them for a year.
However, TSB does not expect to pay its shareholders dividends until the 2017 financial year, as it puts money back into the business. Paul Pester, the bank's chief executive, said he hoped shareholders would "hold shares as we grow into our shoes".
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