Sale of NBNZ

Lloyds TSB Group PLC
01 December 2003






189/03                                                          1 December 2003

LLOYDS TSB GROUP COMPLETES THE SALE OF THE NATIONAL BANK OF NEW ZEALAND


Further to its announcement dated 23 October 2003, Lloyds TSB Group has today
completed the sale of its subsidiary, NBNZ Holdings Limited, to Australia and
New Zealand Banking Group Limited.

                                     -ends-

For more 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.


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LLOYDS TSB GROUP COMPLETES THE SALE OF THE NATIONAL BANK OF NEW ZEALAND/...2

FORWARD LOOKING STATEMENTS continued..

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.






                      This information is provided by RNS
            The company news service from the London Stock Exchange                  QBK