UK to restart sell­ing down stake in Lloyds Bank­ing Group

Kuwait Times - - BUSINESS -

LON­DON:

The Bri­tish govern­ment will restart sell­ing down its 3.6 bil­lion pound ($4.45 bil­lion) stake in Lloyds Bank­ing Group, the body set up to man­age the process said yes­ter­day, af­ter it was de­layed fol­low­ing the vote to leave the Euro­pean Union. UK Fi­nan­cial In­vest­ments Lim­ited, which man­ages the govern­ment’s stakes in the banks, said it has rec­om­mended scrap­ping plans to sell the re­main­ing stake via a dis­counted pub­lic sell­off.

“The de­sign of the trad­ing plan al­lows us to en­sure that all sales will rep­re­sent value for money for the tax­payer,” said James Leigh Pem­ber­ton of UKFI in the state­ment.

UKFI said the trad­ing plan would last un­til the end of 6 Oc­to­ber 2017 and the shares will be sold by Mor­gan Stan­ley. The govern­ment cur­rently owns about 6.5 bil­lion or­di­nary shares in the Lloyds, which rep­re­sents about 9 per­cent of the bank’s shares.

Lloyds was res­cued with a 20.5 bil­lion pound tax­payer-funded bailout dur­ing the 2007-09 fi­nan­cial cri­sis, leav­ing the state hold­ing 43 per­cent. The fi­nance min­istry be­gan sell­ing off its stake in Septem­ber 2013. — Reuters

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