The British government said today it had reduced its stake in Lloyds Banking Group to just below 9%, its first sale since the relaunch of a trading plan that was shelved almost a year ago because of market turbulence.
"Selling our shares in Lloyds and making sure that we get back all the cash taxpayers injected into it during the financial crisis is one of my top priorities as Chancellor," UK finance minister Philip Hammond said in a statement.
Earlier this month, UK Financial Investments Limited (UKFI), which manages the government`s stake in the bailed-out bank, said it would resume share sales in a bid to return Lloyds to full private ownership over the next 12 months.
Lloyds was rescued with a 20.5 billion taxpayer-funded bailout during the 2007-09 financial crisis, leaving the state holding 43%.
So far the UK government has recouped about 17 billion after the finance ministry began selling off its stake in 2013.
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