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Britain sells further 1 percent of Lloyds shares
December 13, 2016 / 7:17 AM / a year ago

Britain sells further 1 percent of Lloyds shares

LONDON, Dec 13 (Reuters) - Britain cut its stake in Lloyds Banking Group to below 7 percent on Tuesday as it continued with a fresh attempt to return the lender to full private ownership over the next year.

Lloyds said in a statement the government has reduced its stake in the bank by about 1 percentage point to 6.93 percent.

UK Financial Investments Limited (UKFI), which manages the government’s stake in the bailed-out bank, resumed share sales in October, having halted them almost a year ago because of market turbulence.

Lloyds was rescued with a 20.5 billion pound taxpayer-funded bailout during the 2007-09 financial crisis, leaving the state holding 43 percent. (Reporting by Huw Jones; Editing by Rachel Armstrong)

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