Lloyds TSB to float on Wall Street in November

Lloyds TSB is stepping up its search for an international partner after its plans to float on Wall Street were given the green light.

It has been planning to list on Wall Street for the last 18 months.

Following the New York Stock Exchange's decision to approve its shares for listing, trading will start on November 27.

A spokeswoman says: "It allows us to gain access to US investors. It gives us access to the US debt market, and increases the liquidity."

She adds that the move is part of its mergers and acquisition strategy, and will allow the group to raise funds in the US for any potential deal.

In July, Lloyds's £19bn attempt to take over mortgage bank Abbey National was blocked by the UK's Trade & Industry Secretary Patricia Hewitt on competition grounds.

The move was a blow to Lloyds, and the group is now looking to mainland Europe and North America for a potential deal.

No new shares will be issued in connection with Lloyds's New York debut.