23rd Jun 2015 06:34
(An item published at 0720 BST misstated the percentage sold. The correct version follows.)
LONDON (Alliance News) - The UK government on Tuesday said it has further sold down its stake in Lloyds Banking Group PLC, bringing its stake in the bank below 17%.
UK Financial Investments Ltd, which manages the government's stake in bailed-out banks, sold off approximately a further 1% of the bank, cutting its stake from 17.9% to 16.87%.
It furthers the plans outlined by UKFI earlier this month, when it extended the trading plan for the sell-down of the government's stake in the bank by six months to the end of 2015. It had originally been scheduled to end on June 30.
Earlier this month, the government also confirmed that Lloyds shares will be sold to retail investors "in the next 12 months". Further details would be set out in due course, it added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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