View more on these topics

Govt sells down stake in Lloyds after rally

The Government has capitalised on a rally in Lloyds Banking Group shares following last week’s election result and reduced its stake in the bank to below 20 per cent.

The Financial Times reports the Treasury will say as early as this week that it has cut its stake in Lloyds from 21 per cent to less than 20 per cent, in a move raising about £600m.

In the Budget Chancellor George Osborne said the Government plans to offload a further £9bn in Lloyds shares. It is reported the Treasury is looking at a “tell Sid”-style retail offer similar to the 1986 British Gas advertising campaign.

The FT says UK Financial Investments, which manages the Government’s stakes in banks, is planning to release another tranche of shares before launching a public sale of the remaining stake early next year.

Shares in Lloyds jumped on news of a Conservative majority from 82p to a high of 88p. Lloyds shares are climbing this morning and are currently trading at 87p as at 8.30am.

Recommended

Lloyds profits fall as it takes £660m hit on TSB sale

Lloyds Banking Group has reported an 11 per cent fall in pre-tax profit for the first quarter of the year, after making a £660m loss on the sale of TSB. The bank’s Q1 results, published today, show it made a £1.2bn profit in the first three months of the year, down from £1.4bn in the […]

HM-Treasury-500x320.jpg

Govt eyes ‘tell Sid’ Lloyds share sale

The Government is considering a “tell Sid”-style retail offer of shares in Lloyds Banking Group. The Sunday Times reports the Treasury is looking at plans for a share sale similar to the 1986 British Gas “tell Sid” advertising campaign. It is also said to be focusing on way to return Lloyds to full privatisation in […]

Lloyds Banking Group

Government sells further £500m of Lloyds shares

The Government has reduced its stake in Lloyds Banking Group by selling off a further £500m of shares. UK Financial Investments, the company set up to manage the Government’s stake in Lloyds Banking Group and Royal Bank of Scotland after both banks were bailed out by taxpayers in 2008, now owns 22.9 per cent in […]

Lloyds-Banking-Group-Horse-700x450.jpg
1

Lloyds set to resume dividend payouts

Lloyds Banking Group is expected to resume dividend payments for the first time since receiving a Government bailout in 2008. It comes as the Government has announced it has sold a further £500m of its stake in the bank, taking the total amount recouped by taxpayers to just under £8bn. Chancellor George Osborne says: “This […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    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