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According to industry sources, Lloyds Banking Group will on Monday price the sale of a 25 percent stake in its TSB business at below its book value. Lloyds will publish the pricing and prospectus for an initial public offering of TSB shares on Monday. The sale, which will take place before the end of June, will value TSB at between 0.7 times and 0.9 times its book, or net asset value of 1.6 billion pounds ($2.7 billion), the sources said, giving it a valuation of between 1.12 billion and 1.44 billion pounds.

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