13th May 2015 14:31
LONDON (Alliance News) - The UK government is looking for an adviser to help it sell down its holdings in Lloyds Banking Group PLC and Royal Bank of Scotland Group PLC, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
http://www.wsj.com/articles/u-k-government-seeking-adviser-for-rbs-lloyds-stake-sales-1431521283
The government owns just shy of 20% of Lloyds and about 80% of RBS.
On Tuesday, stock exchange documents showed the taxpayer's stake in the bank had fallen to 19.93% from 20.95% previously. The latest sale was made through a trading plan led by Morgan Stanley designed to drip shares into the market. That plan was launched on December 17 and will end on June 30 at the latest.
The government said it has raised more than GBP2.5 billion through the trading plan to date, with all of the shares being sold above the 73.6 pence average price that was paid for them.
By Samuel Agini; [email protected]; @samuelagini
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