Reported by: banking|Updated: May 17, 2017
The British government has sold its remaining stake in Lloyds Banking Group. The bank has not become a fully private bank in the country. The government had infused 20.3 billion pounds in the bank around 20 years ago in one of the largest bank bailouts in the world, which meant it held 43% stake in the bank. The sale will bring in a profit of more than £500 million to the government. The government, however, continues to hold around 72% in another troubled bank, Royal Bank of Scotland and analysts say the share sale in the bank would result in a loss for the government. The government began selling off its stake in Lloyds in 2013, when it disposed of a 3.2-billion-pound worth of shares to institutions, followed by another tranche in 2014. It then launched a process of ‘drip-feeding’ shares into the market under a program run by Morgan Stanley.