UK GOVERNMENT SELLS LLOYDS SHARES TO CUT STAKE BELOW 9%

canary-wharf-skyline-2-london-uk-oct-2012

LONDON (Alliance News) – The UK government sold off another tranche of its shareholding in Lloyds Banking Group PLC Thursday, bringing its interest in the bank below 9%.

Her Majesty’s Treasury sold off 634.8 million shares in Lloyds to reduce its holding to 6.42 billion shares from 7.06 billion shares. The price at which the shares were sold was not disclosed.

The sale brought the government’s stake in Lloyds down to 8.99%, having stood at 43% at its peak.

“Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back. This reflects the hard work undertaken over the last five years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper,” said a Lloyds Banking Group spokesperson.

By Adam Clark; adamclark@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved.

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