UK Government Cuts Stake in Lloyds Banking Group Below 8%
November 22 2016 - 2:52AM
Dow Jones News
By Ian Walker
LONDON--Lloyds Banking Group PLC (LYG) said Tuesday the U.K.
Government has lowered its shareholding in the bank to 5.70 billion
shares, or 7.99% of its issued share capital.
The U.K. Government previously held 6.42 billion shares, or
8.99905%.
No price was disclosed for the share sale, which was conducted
on Monday.
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.
Earlier this month, Treasury chief Philip Hammond said the
government would begin to sell its 9.1% stake in Lloyds through 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
November 22, 2016 02:37 ET (07:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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