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Lloyds set to raise £4bn

Lloyds Banking Group is set to offer shareholders up to £4bn in preference shares in a deal underwritten by the Government.

The bank says the proceeds from the open offer will be used to redeem the £4bn of preference shares currently held by Government; the Treasury will buy any shares not bought up by investors.

If the offer fails to entice shareholders, the Government could up its stake in the Group from 43 per cent to anything up to 63 per cent.

After this morning’s news that chairman Sir Victor Blank will be stepping down next year, Lloyds shares rose to highs of 95.5 pence in morning trading in London. Currently shares are 94 pence, up 5 per cent on opening figures.

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