Disposal

Lloyds TSB Group PLC
20 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 credit
card business of Goldfish to Morgan Stanley Bank International Limited for a
premium of £175 million.

As at 30 November 2005, Goldfish's total net credit card receivables amounted to
approximately £800 million.  The transaction also includes the Goldfish brand
and loyalty programme.  Profit before tax of circa £70 million, which remains
subject to the finalisation of completion accounts, is expected to be recognised
in 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 going
forward should focus on growing our core franchise.  The sale of Goldfish
reflects our desire to concentrate on growing our Lloyds TSB branded credit card
business.  As customers increasingly use credit and debit cards as tools to help
them manage their cash flow, we believe there are substantial growth
opportunities. I am pleased that the vast majority of Goldfish staff will
transfer to Morgan Stanley."


                                    - ends -



For further information:



Investor Relations
Michael Oliver                                           [phone]
Director of Investor Relations
E-mail: [e-mail]



Media
Mary Walsh                                               [phone]
Director of Corporate 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 and its current goals and
expectations relating to its future financial condition and performance.
Statements that are not historical facts, including statements about Lloyds TSB
Group's or management's beliefs and expectations, are forward looking
statements.  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 businesses and equity risk in its insurance businesses, inherent risks
regarding changing demographic developments, catastrophic weather and similar
contingencies outside Lloyds TSB Group's control, any adverse experience in
inherent operational risks, any unexpected developments in regulation or
regulatory actions, changes in customer preferences, competition, industry
consolidation, acquisitions and other factors.  For more information on these
and other factors, please refer to Lloyds TSB Group's Annual Report on Form 20-F
filed with the US Securities and Exchange Commission and to any subsequent
reports furnished by Lloyds TSB Group to the US Securities and Exchange
Commission or to the London Stock Exchange.  The forward looking statements
contained in this announcement are made as of the date hereof, and Lloyds TSB
Group undertakes no obligation to update any of its forward looking statements.








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