UK cuts stake in Lloyds to 14pc
The UK government lowered its stake in Lloyds Banking Group Plc to less than 14 percent as it pushed on with a plan to recoup 20.5 billion pounds ($32 billion) taxpayers spent to bail out the company.
The reduction in the holding to 13.99 percent from 14.98 percent reported on July 16 means the government has recovered almost 14 billion pounds, Chancellor George Osborne said in a statement on Monday. It owned 24.9 percent of the company in December, when the Treasury began to cut its stake in stages. "I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt," Osborne said. The sale comes ahead of a planned offering to retail investors in the next year and the sale of shares in Royal Bank of Scotland Group Plc.