Lloyds Banking Group: UK Government Cuts Stake to 1.97% -- Update
April 03 2017 - 3:19AM
Dow Jones News
(Adds statement from U.K. Treasury.)
By Ian Walker
LONDON--Lloyds Banking Group PLC (LLOY.LN) Monday said the U.K.
government has lowered its shareholding in the bank to 1.41 billion
shares, or about 1.97% of its issued share capital.
The U.K. government previously held 2.1 billion shares.
No price was disclosed for the share sale, which was conducted
on Friday. The government is putting money raised from the sale
toward reducing the national debt.
However, in a statement from the U.K. Treasury, Economic
Secretary Simon Kirby said the government has now recovered over 20
billion pounds ($25.08 billion) of the GBP20.3 billion taxpayers
injected into Lloyds during the financial crisis, once share sales
and dividends received are accounted for.
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.
Last October, Philip Hammond, the U.K. Treasury chief, said the
government would begin to sell its remaining 9.1% stake in Lloyds
in a piecemeal fashion, after withdrawing a planned retail sale,
attributing its decision to market volatility.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 03, 2017 03:04 ET (07:04 GMT)
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