Government reduces stake in Lloyds to less than 3%

LLoyds

The Government has cut its stake in Lloyds Banking Group to less than 3 per cent having sold further shares in the bank.

The UK Treasury now holds a 2.95 per cent stake in Lloyds, down from 43 per cent at its peak when the Government bailed out the bank during the financial crisis.

It is expected the Government will sell out of the bank this year.

Antonio Horta-Osori, chief executive of Lloyds, said in a statement: “Today’s announcement moves Lloyds another step closer to full private ownership, and we are pleased that the group’s strong financial performance has kept us on track to return more money to taxpayers than was put in.”

Lloyds Banking Group’s share price was up 0.9 per cent at 68.45 pence in early trading on Wednesday.