Britain Cuts Lloyds Stake to Below 17%
World Economy

Britain Cuts Lloyds Stake to Below 17%

Britain has cut its stake in Lloyds Banking Group to below 17%, the finance ministry said in a stock market disclosure on Tuesday, taking the total sum recovered by the taxpayer to £11.5 billion ($18.2 billion).
The taxpayer’s stake has fallen by 1% to 16.87% as UK Financial Investments, which manages the government’s stakes in bailed-out banks, seeks to cash in on increasing investor appetite in Britain’s biggest retail bank, Channel NewsAsia reported.
“Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back,” a Lloyds spokesman said in a statement.
“This reflects the hard work undertaken over the last four years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.”
Lloyds was rescued at a cost of £20.5 billion to taxpayers during the 2007-9 financial crisis.
UKFI has extended a ‘trading plan’ that allows Morgan Stanley to sell Lloyds shares beyond its current June 30 deadline until the end of the year.
The government is expected to offer retail investors the chance to participate in an offer of several billion pounds worth of Lloyds shares.
The retail sale, in addition to the shares sold through the trading plan, could enable a full exit in the next year.
Shares have been sold through the plan at an average of more than 80 pence, well above the government’s average 73.6 pence buy-in price.

Short URL : http://goo.gl/b4xGRm

You can also read ...

If both sides continue with tit-for-tat tariffs, the inflation would lead to further increases in interest rates  and give rise to disturbances in the currency markets.
The trade war between the US and China risks substantially...
Hong Kong’s GDP fell to 3.5% in the second quarter.
The outlook for Hong Kong’s economy is darkening as rising...
Many emerging market economies are better prepared now because they have a good international reserve position and they allow their exchange rates  to float more freely.
Italian economist Claudio Borio is considered an authority in...
Bankruptcy Soars Among Elderly in United States
A growing number of retirees in the US are filing for...
Crypto Market Struggles as Bitcoin Dips Below $6,000
Bitcoin touched below $6,000 and dozens of smaller digital...
Norway to Surpass Sweden
Sweden’s economic prospects have dimmed in recent months and...
China Growth Momentum Slows
China’s economy hit a mid-year rough patch as efforts to curb...
Lebanon Economy Struggling
Lebanon’s economy has been in a precarious position in recent...