24th Aug 2015 06:37
LONDON (Alliance News) - The UK Government has sold off another 1% stake in Lloyds Banking Group, another step in returning the bank to full private ownership.
Stock exchange documents on Monday confirmed that the UK Government now owns 12.97% of the bank, down from 13.99% previously.
In a statement, the Treasury said it has now raised GBP14.5 billion from reducing its stake in Lloyds from its peak of 43% after bailing it out for GBP20.5 billion during the financial crisis of 2007-09.
"I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt," Chancellor George Osborne said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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