UK government sells $847 million more shares in Lloyds Bank
By Bloomberg
The UK government sold about 569 million pounds ($847 million) of shares in Lloyds Banking Group Plc as the state continues to cut its stake in the nation’s largest mortgage lender before elections in May.
The government cut its stake to 21.9 percent, it said in a statement on Thursday. The sale adds to the more than 1 billion pounds of stock sold by the Treasury since December under a trading plan. At the last disposal on March 9, the government raised 500 million pounds, pushing the stake to 22.98 percent.
UK Chancellor of the Exchequer George Osborne is recovering funds from cutting the holding in Lloyds as he tries to convince voters his Conservatives are best-positioned to shepherd Britain’s economy. Lloyds, which was bailed out during the crisis, said last month it will resume dividend payments after reporting its first annual profit in five years.
The stock fell 0.1 percent to 80.50 pence on Wednesday in London. The shares are up 6.2 percent this year. The value of the sale was based on yesterday’s closing price.