20th Dec 2005 07:01
Lloyds TSB Group PLC20 December 2005 236/05 20 December 2005 LLOYDS TSB SELLS GOLDFISH CREDIT CARD BUSINESS TO MORGAN STANLEY Lloyds TSB announces that it has reached agreement to sell, for cash, the creditcard business of Goldfish to Morgan Stanley Bank International Limited for apremium of £175 million. As at 30 November 2005, Goldfish's total net credit card receivables amounted toapproximately £800 million. The transaction also includes the Goldfish brandand loyalty programme. Profit before tax of circa £70 million, which remainssubject to the finalisation of completion accounts, is expected to be recognisedin the accounts of Lloyds TSB Group for the year ending 31 December 2005. Terri Dial, Group Executive Director, UK Retail Banking at Lloyds TSB, said: "Having reviewed our credit card business, I am convinced that our strategy goingforward should focus on growing our core franchise. The sale of Goldfishreflects our desire to concentrate on growing our Lloyds TSB branded credit cardbusiness. As customers increasingly use credit and debit cards as tools to helpthem manage their cash flow, we believe there are substantial growthopportunities. I am pleased that the vast majority of Goldfish staff willtransfer to Morgan Stanley." - ends - For further information: Investor RelationsMichael Oliver +44 (0) 20 7356 2167Director of Investor RelationsE-mail: [email protected] MediaMary Walsh +44 (0) 20 7356 2121Director of Corporate RelationsE-mail: [email protected] FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to thebusiness, strategy and plans of the Lloyds TSB Group and its current goals andexpectations relating to its future financial condition and performance.Statements that are not historical facts, including statements about Lloyds TSBGroup's or management's beliefs and expectations, are forward lookingstatements. By their nature, forward looking statements involve risk anduncertainty because they relate to events and depend on circumstances that willoccur in the future. Lloyds TSB Group's actual future results may differmaterially from the results expressed or implied in these forward lookingstatements as a result of a variety of factors, including UK domestic and globaleconomic and business conditions, risks concerning borrower credit quality,market related risks such as interest rate risk and exchange rate risk in itsbanking businesses and equity risk in its insurance businesses, inherent risksregarding changing demographic developments, catastrophic weather and similarcontingencies outside Lloyds TSB Group's control, any adverse experience ininherent operational risks, any unexpected developments in regulation orregulatory actions, changes in customer preferences, competition, industryconsolidation, acquisitions and other factors. For more information on theseand other factors, please refer to Lloyds TSB Group's Annual Report on Form 20-Ffiled with the US Securities and Exchange Commission and to any subsequentreports furnished by Lloyds TSB Group to the US Securities and ExchangeCommission or to the London Stock Exchange. The forward looking statementscontained in this announcement are made as of the date hereof, and Lloyds TSBGroup undertakes no obligation to update any of its forward looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lloyds