Disposal

Lloyds TSB Group PLC
16 May 2003




65/03                                                               16 May 2003


LLOYDS TSB ANNOUNCES SALE OF FRENCH FUND MANAGEMENT AND PRIVATE BANKING BUSINESS

Lloyds TSB has agreed the sale of its French fund management and private banking
businesses, including its subsidiaries, Lloyds Bank S.A., Chaillot Assurances SA
and Capucines Investissements SA, to UBS (France) SA. The net asset value of the
businesses sold is approximately £20 million and funds under management are
approximately €1 billion. The transfer is expected to be completed by 30 June
2003, subject to approval by the French Regulatory Authorities.

Subject to completion by 30 June 2003, a net loss of approximately £15 million
will be included in the profit and loss account of Lloyds TSB Group for the
half-year ending 30 June 2003.


                                    - ends -

For further information:-



Investor Relations

Michael Oliver                                   [phone]

Director of Investor Relations

E-mail: [e-mail]



Ian Gordon                                       [phone]

Senior Manager, Investor Relations

E-mail: [e-mail]




Media

Terrence Collis                                  [phone]

Director of Group Corporate Communications

E-mail: [e-mail]



Mary Walsh                                       [phone]

Head of Media Relations

E-mail: [e-mail]





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.




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