Britain pockets $6.4b from selling 6% of Lloyds bank
LONDON (AFP) - The British government earned 3.2 billion pounds (S$6.4 billion) from selling 6 per cent of Lloyds Banking Group, it announced on Tuesday, placing the part-nationalised lender on course for a full return to the private sector.
The coalition government on Monday launched plans to sell part of its stake in bailed-out Lloyds after a recent upturn in the bank's fortunes following its rescue at the height of the global financial crisis in 2008.
UK Financial Investments (UKFI), which manages the government's stake, said about 3.211 billion pounds was earned from the sale of Lloyds shares priced at 75 pence each to institutional investors. The government had said it needed 63.1 pence a share to break even following the bank's hefty bailout.
"Further to its announcement on 16 September 2013, UKFI announces the successful completion of the disposal of part of HM Treasury's shareholding in Lloyds Banking Group," a statement said.