Avoid the upstart banks – wait for the real innovators to come to market

The City is used to handling the float of just about any kind of company. A Kazakh minerals miner? Just tick this box. Smartphone apps? Sign right here. The developer of
a wonder drug that has yet to go through any trials?

No problem. It takes them all in its stride, even if the underlying business is poorly understood. But in the next few months, it will see a series of floats of the one kind of business it does genuinely understand – banks.

Lloyds has lined up an initial public offering (IPO) of its former subsidiary TSB [...]

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