Disposal

Lloyds TSB Group PLC
09 October 2003



148/03     9 October 2003



LLOYDS TSB ANNOUNCES SALE OF BRAZILIAN BUSINESSES


Lloyds TSB Group has agreed the sale to HSBC of its Brazilian subsidiaries Banco
Lloyds TSB S.A. and Losango Promotora de Vendas Ltda, together with
substantially all of the business of its Brazilian branch, and certain offshore
Brazilian assets for a cash consideration equivalent to approximately £490
million. The net asset value of the businesses and assets sold is currently
estimated to be approximately £335 million. The transfer is subject to approval
by the Brazilian regulatory authorities.


After writing off goodwill of £161 million, previously charged to reserves,
relating to the acquisition of Losango in 1997, and after disposal costs, a net
loss of approximately £25 million will be recognised in the profit and loss
account of Lloyds TSB Group on completion. The Group's reserves and regulatory
capital will increase by some £136 million.


On completion of the transaction, it is expected that the Group will reduce its
total exposure on Brazilian assets, net of provisions, by approximately £1.3
billion, compared with 30 June 2003.




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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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