Britain to sell £2.0bn of Lloyds bank stock to public

5th October 2015, Comments 0 comments

Britain will sell another £2.0 billion of shares in state-rescued Lloyds bank to the public, the government said Monday.

The Treasury will offload Lloyds shares worth $3.0 billion or 2.7 billion euros in spring 2016, and will exit its holding "in the coming months", it said in a statement.

All of the proceeds will be used to pay down the national debt.

The British government had bailed out Lloyds during the financial crisis in 2008 at a cost of some £20 billion, taking out an initial stake of 43 percent.

It has been gradually reducing its stake in the bank in recent months and this now stands at less than 12 percent.

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© 2015 AFP

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