UK government to sell more shares in Lloyds bank


Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

LONDON (AP) — The British government plans to sell a 3 billion pound ($4.7 billion) chunk of its stake in part-nationalized Lloyds Banking Group, which was bailed out by taxpayers during the 2008 financial crisis.

The Treasury says it is introducing a trading plan in which shares will be sold on the market "in an orderly and measured way." It says sales could begin within days and the plan, overseen by Morgan Stanley, will continue for about six months.

Shares won't be sold below the average price which the previous government paid for them, 73.6 pence ($1.15).

The new sale aims to shed about a fifth of the government's remaining 25 percent stake in the bank.

Lloyds shares closed 1.5 percent lower at 75.35 pence Wednesday on the London Stock Exchange.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast