One of the UK's largest banks, Lloyds TSB, is searching for law firms to provide it with capital markets advice as it prepares to ramp up its activity in the sector.

City firms are queuing up to secure work from the bank, which is restructuring its operations to focus on the capital markets sector and is keen to increase the number of advisers it uses. Early indications suggest its current 10-firm capital markets adviser roster will double.

Lloyds, which is due to review its main panel this autumn, is looking to hand out a number of lucrative mandates in the coming months as it follows in the footsteps of rivals in shifting debt from its balance sheet.