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.

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