UK Financial Investments Limited (UKFI), the body responsible for the government’s stakes in banks, intends to sell an additional 7.5% stake worth nearly £4.2 billion (US$6.9 billion) in Lloyds Banking Group to institutional investors.
UKFI said that it will place approximately 5.35 billion of the bank’s ordinary shares, bringing the overall size of the governments’s shareholding in the bank from approximately 32.7% to around 25%.
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The share sales are part of the government’s longer-term plan to return the lender fully to the private sector.
Bank of America Merrill Lynch, JP Morgan Securities, Morgan Stanley Securities and UBS have been appointed to act as bookrunners in connection with the placing.
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