UK Government Cuts Stake in Lloyds Banking Group to 5.95%
January 09 2017 - 2:46AM
Dow Jones News
By Ian Walker
LONDON--Lloyds Banking Group PLC (LLOY.LN) Monday said the U.K.
government has lowered its shareholding in the bank to 4.24 billion
shares, or about 5.95% of its issued share capital.
The U.K. government previously held 4.94 billion shares.
No price was disclosed for the share sale, which was conducted
on Friday. All money raised from the sales are used to reduce the
national debt.
Lloyds, the U.K.'s biggest retail bank, was bailed out by U.K.
taxpayers during the financial crisis, with the government taking a
39% stake. The government started selling its shares in the bank in
late 2013.
In October, U.K. Treasury chief Philip Hammond said the
government would begin to sell its 9.1% stake in Lloyds via a
trading plan, withdrawing the planned retail sale. He blamed
ongoing market volatility for pulling the planned retail offer.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 09, 2017 02:31 ET (07:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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