Lloyds Bank Back in Private Hands After U.K. Government Sells Final Shares
May 17 2017 - 2:53AM
Dow Jones News
By Ian Walker
LONDON-- Lloyds Banking Group PLC is back in private hands after
the U.K. government sold its remaining shares in the bank it bailed
out during the financial crisis.
The government sold its last 638.4 million shares, or 0.89% of
Lloyds' issued share capital, on Tuesday for an undisclosed
sum.
It is putting the money raised from the sale toward reducing the
national debt.
Lloyds is the U.K.'s biggest retail bank and was bailed out by
taxpayers in 2008, with the government taking a 39% stake. The
government started selling its shares 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 from a planned retail
sale, attributing its decision to market volatility.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 17, 2017 02:38 ET (06:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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