Oct 7 The British government will restart
selling down its 3.6 billion pound ($4.45 billion) stake in
Lloyds Banking Group, the body set up to manage the
process said on Friday, after it was delayed following the vote
to leave the European Union.
UK Financial Investments Limited, which manages the
government's stakes in the banks, said it has recommended
scrapping plans to sell the remaining stake via a discounted
"The design of the trading plan allows us to ensure that all
sales will represent value for money for the taxpayer," said
James Leigh Pemberton of UKFI in the statement.
UKFI said the trading plan would last until the end of 6
October 2017 and the shares will be sold by Morgan Stanley.
The government currently owns about 6.5 billion ordinary
shares in the Lloyds, which represents about 9 percent of the
Lloyds was rescued with a 20.5 billion pound taxpayer-funded
bailout during the 2007-09 financial crisis, leaving the state
holding 43 percent. The finance ministry began selling off its
stake in September 2013.
(Reporting by Noor Zainab Hussain in Bengaluru and Andrew
MacAskill in London; Editing by Adrian Croft)