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LLOY Lloyds Banking Group Plc

51.76
0.09 (0.17%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lloyds Banking Group Plc LSE:LLOY London Ordinary Share GB0008706128 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.09 0.17% 51.76 51.70 51.72 52.43 51.57 52.23 182,691,357 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 23.74B 5.46B 0.0859 6.02 32.87B

U.K. Government Reduces Stake in Lloyds to 3.89%

23/02/2017 8:27am

Dow Jones News


Lloyds Banking (LSE:LLOY)
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From Mar 2019 to Mar 2024

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By Ian Walker

 

LONDON--U.K. government has further reduced its shareholding in Lloyds Banking Group PLC (LLOY.LN) in which it now holds around a 3.89% stake.

No price was disclosed on Thursday for the share sale, which was conducted on Wednesday.

The move is the latest in the government's planned piecemeal sale of its remaining shares after it pulled a plan for retail offering of the 9.1% stake it still held in the lender last October.

Money raised from the sale of the government's holding in the British bank has been earmarked for reducing national debt.

The U.K. Treasury said the latest sales of Lloyds stock mean the government has recovered over 19 billion pounds ($23.6 billion) of the GBP20.3 billion taxpayers injected into Lloyds during the financial crisis, once share sales and dividends received are accounted for.

"Lloyds' strong annual results show that we are in a good position to continue to reduce our shareholding and recover all of the money the tax-payer injected into the bank during the financial crisis," said Economic Secretary to the Treasury, Simon Kirby.

Lloyds, the U.K.'s biggest retail bank, was bailed out by U.K. taxpayers during the crisis, with the government originally taking a 39% stake. The government started selling its shares in the bank in late 2013.

On Wednesday, Lloyds reported a more than quadrupled net profit to its highest level in a decade as the bank benefited from a steep fall in conduct costs.

 

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

 

(END) Dow Jones Newswires

February 23, 2017 03:12 ET (08:12 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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