UBS, Investec, Numis and RBC Capital Markets have been added to the roster of banks working on the initial public offering of retail bank network TSB, alongside a new-look JP Morgan team.

The initial 25% placing is expected to take place next month, according to an announcement Tuesday from parent company Lloyds Banking Group. Lloyds will have to sell the rest of its stake in TSB by December 2015 to meet European Commission rules on state aid after being bailed out by the taxpayer in 2008.