Finance Feeds logo

UK decreased stake in Lloyds Banking Group to 19.93%

Noam Stiekema

United Kingdom sold shares for another 500 million GBP in Lloyds Banking Group and has already received more than 10 billion GBP from the sale of more than half of its stake in the rescued bank. The Ministry of Finance announced today that it has reduced its stake by a further 1 percentage point to […]

Lloyds Banking Group

Lloyds Banking GroupUnited Kingdom sold shares for another 500 million GBP in Lloyds Banking Group and has already received more than 10 billion GBP from the sale of more than half of its stake in the rescued bank. The Ministry of Finance announced today that it has reduced its stake by a further 1 percentage point to 19.93%, days after the surprise election triumph of the conservatives pushed quotations of the bank to multi-year highs.

Lloyds Banking was rescued during the financial crisis of 2007-2009, 20 billion GBP of taxpayers and the British state holding 41% of the bank. In March, the government sold shares to 500 million GBP, reducing its stake to 23%. The sales are part of our plan for the return of Lloyds in the private sector and the recovery of taxpayers’ money, then said British Finance Minister George Osborne. He explained that the funds will be used to reduce debt.

Subscribe

Read this next

Uncategorized

US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Takeprofit Tech
Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Tether
Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.

Technology

SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

<
✖