27 Mar 2014
The Government has announced the largest sale of its Lloyds Banking Group shares since the public buyout in 2008.
Just over a 40% stake was acquired at that time, with a 7.5% stake now authorised to be sold for an estimated £4.2 bn.
This is the second sale of Lloyds stock that the Government has undertaken, having raised £3.2bn with a sale of 6% in September 2013. The investment banks involved have said they will waive their normal fees as before.
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, said: ‘I am pleased that the Government intends to sell a further stake in Lloyds Banking Group and allow taxpayers to get more of their money back. I believe this reflects the hard work undertaken over the last three years to make Lloyds a safe and profitable bank that is focused on helping Britain prosper’.
A Treasury spokesman said: ‘Getting the best value for the taxpayer, maximising support for the economy and restoring private ownership. The Government will only conclude a sale if these objectives are met’.