View more on these topics

BlackRock takes over from Govt as Lloyds’ largest shareholder

Lloyds-Logo-700.jpg

US fund giant BlackRock is now Lloyds Banking Group’s biggest shareholder after the government sold off more of its stake in the bank.

The Treasury’s stake dropped below BlackRock’s as its holding has been wound down to 5.9 per cent through the sale of 700,000 shares.

BlackRock has not disclosed its exact stake in the bank, but Bloomberg data suggests it is now owns the largest number of shares.

BlackRock informed investors in May 2015 that its holding had passed 5 per cent under new stock market disclosure rules.

Chancellor Philip Hammond says: “Returning Lloyds to the private sector and recovering all of the cash the taxpayer injected into the bank during the financial crisis is a priority for the government.

“Confirmation that we are no longer the largest shareholder in the bank and that we’ve now recouped over £18 billion for UK taxpayers is further evidence that we are on track to recover all of the £20 billion injected into the bank during the financial crisis.”

The government ditched plans to offer a discount to retail investors looking to buy shares in Lloyds Banking Group in October on the back of market volatility, and set up another trading plan to dispose of its stake no later than October 2017.

The bank is still eyeing up offering a robo-advice service after putting plans to launch an online investment service for retail clients on hold to await the next development in the FCA’s Financial Advice Market Review.

Recommended

BlackRock bets against Jupiter over asset management study

BlackRock has bet against the share price of rival Jupiter as analysts point to Jupiter as being most exposed to the fallout from the FCA’s asset management study. The Financial Times reports BlackRock began shorting Jupiter in October, and increased its short position from 0.88 per cent to 0.94 per cent last month when the […]

Lloyds-Banking-Group-640.jpg

Treasury eyes sale of final stake in Lloyds

The Treasury is considering a deal to sell its remaining 7 per cent stake in Lloyds Banking Group to institutional investors early next year. The Financial Times reports while no decision has been made, the move would see the taxpayer capitalise on a recent rise in bank shares and allow the Government to sell out […]

Lloyds-Banking-Group-Building-2013-700.jpg
1

Lloyds stalls robo-advice plans on FAMR uncertainty

Lloyds Banking Group could reset its plans to launch an online investment service for retail clients as it awaits the next development in the FCA’s Financial Advice Market Review. In January, Lloyds, Barclays, RBS and Santander were reportedly looking into launching online advice offerings as part of their return to the mass advice market. However, only Santander has launched an online […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. A wise investment perhaps[s. Now that Lloyds has taken over MBNA it could be a licence to print money. Credit card debts at an all time high and credit card interest rates at around 20% APR. I’ll take some of that. Retail banking for the big boys is a busted flush. The newcomers will scoop up what’s left.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com