29th Oct 2015 07:31
LONDON (Alliance News) - The UK government has now shrunk its stake in Lloyds Banking Group PLC to below 10% of the company's equity, according to a stock exchange document on Thursday.
The news comes one day after Lloyds missed earnings forecasts as it posted a third-quarter profit, largely lifted its guidance for the remainder of the year, and booked a new GBP500.0 million charge in relation to mis-sold insurance products.
The UK government now has a 9.89% stake in Lloyds. Its plans to fully exit the holding in the coming months include a GBP2.0 billion sale to members of the public. It had previously owned just shy of 11% of the bank.
The UK taxpayer came to hold a 43% stake in Lloyds in the wake of a GBP20.5 billion bailout in the financial crisis.
By Samuel Agini; [email protected]; @samuelagini
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