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LLOY Lloyds Banking Group Plc

51.83
0.16 (0.31%)
Last Updated: 15:55:34
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lloyds Banking Group Plc LSE:LLOY London Ordinary Share GB0008706128 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.16 0.31% 51.83 51.81 51.83 52.43 51.57 52.23 89,709,654 15:55:34
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 23.74B 5.46B 0.0859 6.04 33B

UK Government Sells 7.8% of Lloyds at 75.5p/Share; Stake Now About 25%

26/03/2014 8:51am

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Lloyds Banking (LSE:LLOY)
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By Rory Gallivan

LONDON--The U.K. government Wednesday said it has sold a 7.8% stake in Lloyds Banking Group PLC (LLOY.LN) at 75.5 pence (124.6 cents) a share, raising GBP4.2 billion ($6.9 billion).

U.K. Financial Investments Ltd., a part of the U.K. Treasury that manages the stake, said the latest sale takes the government's stake down to around 25% from 33%.

The government cut what had been a 39% stake in September by selling a 6% stake in the bank for GBP3.21 billion, with the shares priced then at 75 pence.

The latest share sale had been flagged by bankers as likely to come by April, after Lloyds posted a surge in underlying profits for 2013, and said it planned to resume dividends for the first time since the financial crisis on its second-half earnings. An offer to retail investors is likely to come around September, people familiar with the matter have said.

Lloyds Banking Group Chief Executive António Horta-Osório said he was pleased taxpayers will get more of their money back through the sale.

"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," he said.

A Treasury spokesman said Chancellor George Osborne decided to sell the shares after UKFI said it "would be appropriate."

"Building a stronger banking system is a core part of the government's long term economic plan to deliver greater economic security," the Treasury spokesman said.

Lloyds received GBP19.9 billion in state aid between 2008 and 2009 to withstand the financial crisis. Since then, it has sharply cut its assets, pulled out of around 20 countries and restructured its business to focus on retail banking and business lending within the U.K.

The September share placing was a hit with investors. Bankers working on that deal said the order book was covered in an hour and that 10 orders came in for more than $250 million in shares. Shortly after the new deal's announcement Tuesday, people working on it said the order book was filling up and that some large global investors had already registered their interest in recent months about participating in this stage of the government selldown.

Lloyds shares closed Tuesday at 79 pence, valuing the company at GBP56.46 billion.

-Razak Musah Baba, Margot Patrick and Max Colchester contributed to this article.

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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