View more on these topics

Lloyds edges closer to private ownership

Antonio-Horta-Osorio-700x450.jpg

The Government has cut its stake in Lloyds Banking Group to less than 3 per cent having sold further shares in the bank.

The Treasury now holds a 2.95 per cent stake in Lloyds, down from 43 per cent at its peak when the Government bailed out the bank during the financial crisis.

It is expected the Government will sell out of the bank this year.

Lloyds chief executive Antonio Horta-Osorio says: “Today’s announcement moves Lloyds another step closer to full private ownership, and we are pleased that the group’s strong financial performance has kept us on track to return more money to taxpayers than was put in.”

Hargreaves Lansdown senior analyst Laith Khalaf says: “The finish line is now within sight for the UK taxpayer, who can look forward to recovering all the money pumped into Lloyds during the financial crisis.

“For the Treasury, the elephant in the room is of course Royal Bank of Scotland, which soaked up £45.5bn of taxpayer funding during the financial crisis, more than twice the sum needed to prop Lloyds up.”

Recommended

Business-Document-Technology-Growth-700x450.jpg
1

Lloyds outsourcing deal sparks security fears

Lloyds Banking Group is about to agree a £1.3bn contract with IBM which will see around 1,900 jobs moved to the company. The seven-year deal is designed to cut almost £760m in costs and make the bank more adaptive to changes in technology. The Financial Times reports the Lloyds Trade Union has warned its 35,000 […]

RBS-Building-2012-700x450.jpg
2

RBS calls off Williams & Glyn sale after Treasury deal

Royal Bank of Scotland has pulled the sale of its Williams & Glyn division after a preliminary deal was reached between the Treasury and the European Commission. The Telegraph reports the bank, still majority-owned by the Government, has so far spent £1.8bn trying to offload the arm as part of efforts to comply with conditions […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment