British government sells down more shares in Lloyds as AIB decision looms

The British government said yesterday it has further reduced its stake in Lloyds Banking Group, a day after the bank posted its highest profit since before the 2007 to 2009 global financial crisis.

UK Financial Investments, which manages the UK government’s stake in the lender, said in a statement it has reduced its stake in the bank to 3.89%.

Any privatisation of banks across Europe will be closely watched here, as the Government appears set to definitely announce the date for plans to sell a minority stake in State-owned Allied Irish Banks.