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British government cuts stake in Lloyds Bank to below 2 percent
April 3, 2017 / 6:40 AM / 6 months ago

British government cuts stake in Lloyds Bank to below 2 percent

FILE PHOTO: A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett

LONDON (Reuters) - The British government has reduced its holding in Lloyds Banking Group PLC to less than 2 percent, putting the lender on track to be in full private ownership within weeks.

The government has now recovered over 20 billion pounds of the 20.3 billion pounds ($25.5 billion) taxpayers injected into Lloyds during the financial crisis, the Treasury said in a statement.

UK Financial Investments Limited (UKFI), which manages the government’s stake, resumed share sales in October, having halted them for almost a year due to market turbulence.

It said on Monday that its stake stands at 1.97 percent, down from 2.95 percent on March 15.

The government spent more than 136.6 billion pounds rescuing some of Britain’s biggest high street lenders at the height of the financial crisis, including Royal Bank of Scotland and Lloyds, but has so far only managed to recoup half of that money.

Reporting by Dasha Afanasieva; Editing by Rachel Armstrong

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