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Barclays Backs U.K. Plan to Sell Lloyds, RBS, Telegraph Reports

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May 20 (Bloomberg) -- Barclays Plc supports a U.K. government plan to sell its shares in Lloyds Banking Group Plc and Royal Bank of Scotland Plc, the Sunday Telegraph reported, without saying where it got the information.

Jim Renwick, head of Barclays’ U.K. equity capital markets and broking division, has held talks on the proposal with U.K. Financial Investments, the manager of the government’s stakes in the two lenders, according to the Telegraph. Renwick is also coordinating with Portman Capital Partners, which originally devised the plan.

Barclays and Portman Capital declined to comment, the Telegraph said.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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