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Britain cuts down stake in Lloyds

The British government has brought down its stake in Lloyds Banking Group to just under 20%. The government has recently offloaded a major chunk of the stocks. The treasury said it has sold about 2% of Lloyds for another £500 million under ongoing plans to return it to private ownership. The sale brings the government’s holding in the bank to 19.93%. In the past three months alone, the government has cut down its stake by 5%, raising about £2.5 billion. It has thus recouped more than half of the £20 billion in bailout funds pumped into Lloyds at the height of the 2008 global financial crisis.

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