LONDON--The British government has reduced its stake in Lloyds
Banking Group PLC (LLOY.LN) by a further 1 percentage point to
19.93%, the latest in a series of small sales of shares in the
bailed-out bank.
Lloyds said Tuesday that the government now own 14.22 billion
shares, or 19.93% of the bank's voting rights. It previously held
14.96 billion shares.
No price was disclosed for the share sale, which was conducted
on Monday.
Lloyds was bailed out by U.K. taxpayers during the financial
crisis, with the government taking a 39% stake in the U.K.'s
biggest retail bank. The government started selling its shares in
Lloyds in late 2013.
After initially selling chunks of Lloyds direct to investors
through accelerated placements, the government in December mandated
Morgan Stanley to gradually sell stock up to the end of June.
Chancellor of the Exchequer George Osborne announced at the time
of his budget in March that the government would sharply reduce its
stake in Lloyds in the next year to raise at least 9 billion pounds
($13.69 billion).
Mr. Osborne said Lloyds's return to profit and resumption of
dividend payouts this year means "we can continue our exit from
that bailout." He didn't give details on how the share sale would
be carried out.
-Write to Ian Walker at ian.walker@wsj.com
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