UK plans to sell 7.5% of Lloyds as government seeks to cut bank stake

Britain will sell an additional 7.5% of part-nationalised Lloyds Banking Group, worth about £4.2bn (over €5bn), via a placing to institutional investors.

That is according to UK Financial Investments, which manages the government stakes in Lloyds and Royal Bank of Scotland. It said the sale would cut the government’s stake in Lloyds to 25%.

The government sold a 6% stake in Lloyds in September at a price of 75p per share, a milestone in the country’s recovery from the 2008 financial crisis, during which taxpayers pumped £66bn into Lloyds and RBS.