UK government to sell stake in Lloyds Banking Group.
Global Banking News-December 19, 2014--UK government to sell stake in Lloyds Banking Group
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Global Banking News - 19 December 2014
The UK government is set to sell more of its shareholding in Lloyds Banking Group (LSE: LLOY) (NYSE: LYG) and will return the group to private ownership, according to a report by the BBR.
The chancellor, George Osborne, said: 'I can confirm today that the government is taking the next step in returning Lloyds Banking Group to private ownership. The trading plan I'm initiating today is made possible by our long term economic plan which is delivering a more secure and resilient economy. It is another step in reducing our national debt and in getting taxpayers' money back.'
The UK Financial Investments has advised the government to sell the remaining part of the government's shareholding in Lloyds through a trading plan. Morgan Stanley (NYSE: MS) will execute the trading plan as broker on behalf of HM Treasury.
Lloyds Banking Group was formed through the acquisition of HBOS by Lloyds TSB in 2009, and operates in segments including retail banking, commercial, life, pensions & insurance, and wealth & international.
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