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Treasury plans to sell Lloyds Bank stake for £4bn

26 Mar 2014

The Government has announced the largest sale of its Lloyds Banking Group shares since the public buyout in 2008.

Just over a 40% stake was acquired at that time, with a 7.5% stake now authorised to be sold for an estimated £4.2 bn.

This is the second sale of Lloyds stock that the Government has undertaken, having raised £3.2bn with a sale of 6% in September 2013. The investment banks involved have said they will waive their normal fees as before.

Antonio Horta-Osorio, chief executive of Lloyds Banking Group, said: ‘I am pleased that the Government intends to sell a further stake in Lloyds Banking Group and allow taxpayers to get more of their money back. I believe this reflects the hard work undertaken over the last three years to make Lloyds a safe and profitable bank that is focused on helping Britain prosper’.

A Treasury spokesman said: ‘Getting the best value for the taxpayer, maximising support for the economy and restoring private ownership. The Government will only conclude a sale if these objectives are met’.