24th Apr 2015 06:43
LONDON (Alliance News) - The UK government's stake in Lloyds Banking Group PLC has fallen by another percentage point just two weeks ahead of the UK's General Election, according to the body responsible for managing the state's stakes in bailed out banks on Friday.
According to UK Financial Investments, the UK economic and finance ministry's stake in Lloyds has been reduced to 20.95% from 21.99% previously, as the electorate readies itself to go to the polls on May 7.
Lloyds, which required a GBP20 billion state bailout in the financial crisis of 2007-09, is being returned to private ownership. The state's stake in Lloyds was once as high as 43%.
While the current reduction is being made through a trading plan that drips shares onto the market, future share sales could include retail investors.
By Samuel Agini; [email protected]; @samuelagini
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