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UK to restart $4.5 billion sale of Lloyds stake

Staff Writer |
Britain will resume selling its residual 3.6 billion pound ($4.5 billion) stake in Lloyds Banking Group after a break following the country's vote to exit the European Union.

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UK Financial Investments Limited (UKFI), which manages the government's stake in the bailed-out bank, said it would relaunch a trading plan led by Morgan Stanley to try to return Lloyds to full private ownership over the next 12 months.

The plan means the shares will be offered in increments to institutional investors, with the first sales likely in the coming days.

UKFI has recommended scrapping plans to sell some of those shares via a discounted offer to the general public, risking disappointing thousands of small investors hoping to cash in on growth at Britain's biggest mortgage lender.

"Returning Lloyds to the private sector is in the interests of the bank, taxpayers and the country as a whole.

"That is why exiting our stake in Lloyds in an orderly way and at the best possible price is one of my top priorities," Finance Minister Philip Hammond said in a statement.

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