12th May 2015 06:58
LONDON (Alliance News) - Lloyds Banking Group PLC is continuing its gradual return to full private ownership, as stock exchange documents on Tuesday confirmed that the UK taxpayer's stake has fallen yet again.
The documents confirmed that the taxpayer's stake in the bank has fallen to 19.93% from 20.95% previously. Following its GBP20 billion state rescue in the financial crisis of 2008-09, the government had owned as much as 43% of the banking group, which fell into trouble with its acquisition of UK rival HBOS.
The latest fall in the taxpayer's stake marks the first such announcement since the results of last week's UK General Election brought a surprise majority for the UK's Conservative Party.
Chancellor of the Exchequer George Osborne wants to continue to sell down the stake held in Lloyds and to involve private investors in a future share sale. The disposals to date have been been to institutional investors.
By Samuel Agini; [email protected]; @samuelagini
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