U.K. Government Sells Shares in Lloyds; Stake Below 8 Percentby
The U.K. Treasury sold further shares in Lloyds Banking Group Plc, cutting the government’s stake in the British lender below 8 percent.
The latest sale raised the total amount recovered to 17 billion pounds ($21 billion) of the 20.3 billion pounds that was injected into the British bank during the financial crisis, the Treasury said in a statement on Tuesday. The government seeks to cut its remaining stake in Lloyds in an “orderly and measured way,” according to the statement.
“Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into it during the financial crisis is one of my top priorities,” said Chancellor of the Exchequer Philip Hammond in the statement.
Lloyds shares have dropped about 19 percent this year.