Oct. 9 (Bloomberg) -- Lloyds Banking Group Plc is targeting a rights offering of about 11 billion pounds ($17.7 billion), to help it avoid the U.K. asset protection program, the London- based Times reported.

The bank wants to keep the proceeds from a share sale below HSBC Holdings Plc’s record 12.5 billion-pound capital-raising in March, the Times said. Senior regulators met last night to decide whether to allow the bank to press ahead with the rights offering and the Treasury, Financial Services Authority and the Bank of England will rule imminently on it, the newspaper said.

To contact the reporter on this story: Ben Martin in London bmartin38@bloomberg.net.

Last Updated: October 8, 2009 21:34 EDT