By Tapan Panchal

LONDON--Lloyds Banking Group PLC (LYG, LLOY.LN) said Thursday that it intends to sell a part of its stake in U.K. retail bank TSB Banking Group PLC (TSB.LN) via an accelerated share book-build process.

The FTSE10-listed financial-services company said it intends to sell 57.5 million ordinary shares in TSB. The shares represent 11.5% of the TSB's issued ordinary share capital.

Lloyds said it expects to retain 50% of the issued share capital of TSB after the share sale. It added it doesn't expect the sale to have a material impact on its capital position.

UBS Investment Bank is acting as book-runner in connection with the share placing.

Write to Tapan Panchal at tapan.panchal@wsj.com

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