UK cuts stake in Lloyds to 14pc

The Pak Banker - - FRONT PAGE -

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.

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