SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
24 October 2003
LLOYDS TSB GROUP plc
(Translation of registrant's name into English)
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F..X..Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes .....No ..X..
If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule
12g3-2(b): 82- ________
Index to Exhibits
Item
No. 1 Regulatory News Service Announcement, dated 23 October 2003
re: Disposal
157/03 23 October 2003
LLOYDS TSB GROUP ANNOUNCES SALE OF THE NATIONAL BANK OF
NEW ZEALAND
Lloyds TSB Group has agreed the sale of its subsidiary, NBNZ Holdings Limited
("NBNZ"),. comprising the Group's New Zealand banking and insurance operations,
to Australia and New Zealand Banking Group Limited for the equivalent of GBP2.25
billion. This consists of a pre-close dividend from NBNZ equivalent to
approximately GBP200 million and a cash consideration equivalent to some GBP2.05
billion. The net asset value at 30 June 2003 of the businesses sold, excluding
goodwill, was some GBP930 million. NBNZ contributed GBP149 million to Group
attributable profit in 2002.
Subject to completion, which is expected in early December 2003, an estimated
profit after tax of some GBP1.1 billion, based on NBNZ net assets at 30 June
2003, will be recognised in the profit and loss account of Lloyds TSB Group for
the year ending 31 December 2003. This is after writing off goodwill of
approximately GBP200 million, GBP20 million of which has previously been charged
to reserves, and disposal costs. The Group's reserves will increase by
approximately GBP1.1 billion. NBNZ's risk-weighted assets as at 30 June 2003
were GBP10.1 billion.
Upon completion, the Board will consider its options for the application of the
sale proceeds, which include supporting business growth, some strengthening of
capital ratios, and other means of enhancing shareholder value, including the
purchase of Group shares.
Eric Daniels, Lloyds TSB Group Chief Executive, said:
"Having conducted a strategic review of NBNZ and its prospects, we have
concluded that a sale of the business at this time is in the best interest of
the Group. The sale of NBNZ continues the process of managing the Group's
business portfolio to focus on our core franchise."
- ends -
For further information:
Investor Relations
Michael Oliver +44 (0) 20 7356 2167
Director of Investor Relations
E-mail: michael.oliver@ltsb-finance.co.uk
Ian Gordon +44 (0) 20 7356 1264
Senior Manager, Investor Relations
E-mail: ian.gordon@ltsb-finance.co.uk
Media
Terrence Collis +44 (0) 20 7356 2078
Director of Group Corporate Communications
E-mail: terrence.collis@lloydstsb.co.uk
Mary Walsh +44 (0) 20 7356 2121
Head of Media Relations
E-mail: mary.walsh@lloydstsb.co.uk
FORWARD LOOKING STATEMENTS
This announcement contains forward looking statements with respect to the
business, strategy and plans of the Lloyds TSB Group, its current goals and
expectations relating to its future financial condition and performance. By
their nature, forward looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur in the future.
Lloyds TSB Group's actual future results may differ materially from the
results expressed or implied in these forward looking statements as a result of
a variety of factors, including UK domestic and global economic and business
conditions, risks concerning borrower credit quality, market related risks such
as interest rate risk and exchange rate risk in its banking business and equity
risk in its insurance businesses, changing demographic trends, unexpected
changes to regulation or regulatory actions, changes in customer preferences,
competition and other factors. Please refer to the latest Annual Report on Form
20-F of Lloyds TSB Group filed with the US Securities and Exchange Commission
for a discussion of such factors.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
LLOYDS TSB GROUP plc
(Registrant)
By: M D Oliver
Name: M D Oliver
Title: Director of Investor Relations
Date: 24 October 2003