UK Government Cuts Stake in Lloyds to About 9%; Now Recovered Nearly GBP17 Billion -- Update
October 27 2016 - 3:25AM
Dow Jones News
By Ian Walker
LONDON--Lloyds Banking Group PLC (LLOY.LN) Thursday said the
U.K. government has lowered its shareholding in the bank to 6.42
billion shares, or about 9% of its issued share capital.
The U.K. Government previously held 7.06 billion shares.
No price was disclosed for the share sale, which was conducted
on Wednesday. However, in a statement from the Treasury, Chancellor
of the Exchequer Philip Hammond said the Government has now
recovered nearly 17 billion pounds ($20.77 billion) of the GBP20.3
billion taxpayers injected into Lloyds during the financial crisis,
once share sales and dividends received are accounted for.
"Selling our shares in Lloyds and making sure that we get back
all the cash taxpayers injected into it during the financial crisis
is one of my top priorities as chancellor," Mr. Hammond said.
All money raised from the sales are used to reduce the national
debt.
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, Mr. Hammond said the government would begin
to sell its 9.1% stake in Lloyds via 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
October 27, 2016 03:10 ET (07:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Apr 2023 to Apr 2024