Government no longer largest shareholder in Lloyds Bank Group as taxpayer stake falls below 6%
- Credit: PA
The Government has reduced its stake in Lloyds Banking Group to less than 6%, meaning the taxpayer is no longer the group’s largest shareholder and taking the lender one step closer to being returned to private hands.
UK Financial Investments, which manages the Government’s stake in Lloyds, cut its holding in the lender by one percentage point. It means the taxpayer’s stake in the bank now stands at 5.95%, with more than £18bn having been returned to Government coffers since the bank’s £20.3bn bailout.
It is the latest in a series of share sales by the Government, which said in October it hoped to offload its remaining shares in Lloyds within a year.
Lloyds boss Antonio Horta-Osorio said: “Today’s announcement that the UK Government is no longer our largest shareholder is a key milestone in the journey of Lloyds Banking Group back to full private ownership, returning taxpayers’ money at a profit.
“It also reflects the hard work undertaken by everyone at Lloyds over the last five years to transform the Group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper”.
You may also want to watch:
The Government has progressively sold down its original 43% stake in Lloyds and Chancellor Philip Hammond ditched plans for a share sale to the public in October, opting instead to offload the holding to institutional investors.
All proceeds from the sale will be used to reduce the national debt.
- 1 Inside quirky off-grid houseboat with stunning river views - yours for £500k
- 2 Dozzell set for QPR, as Championship clubs show interest in Downes
- 3 Cyclist hurt in crash with car
- 4 GP surgery in 'special measures' after patients and staff raise concerns
- 5 Ipswich Town face fight to keep young midfielder Gibbs with rivals Norwich among interested clubs
- 6 'Spooky' bushes full of caterpillars spotted near Suffolk roads
- 7 Man in 20s dies after fall from pub
- 8 Postman who abandoned 'undriveable' van wins unfair dismissal claim
- 9 Woman seriously injured in accident on major Ipswich road
- 10 Comedian Jack Whitehall visits Suffolk's 'most incredible' Wilderness Reserve
Mr Hammond said: “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.”