Lloyds TSB has launched Acquisition Capital, a new transaction unit for private equity deals and deals requiring financial restructuring.

Michael Joseph has been transferred from managing the UK bank's venture capital arm, LDC, to taking charge of the new acquisition finance unit. It will specialise in providing debt finance for takeover deals in the UK and Europe through MBOs, trade buyers or share restructures. The bank's recently launched mezzanine finance provision will also come under Joseph's remit.