Banks asked to tender for role in Lloyds, RBS share sale process

The UK government took the first step in the eventual reprivatisation of Royal Bank of Scotland and Lloyds Banking Group by asking investment banks to tender for a role in the share sales.UK Financial Investments, which manages the stakes on behalf of the government, has told bank advisers to register their interest by July 1st and submit their proposal by July 8th. It is looking for book runners, co-lead managers as well as capital market, financial and/or strategic advisers.It comes after Chancellor George Osborne said in his annual Mansion House speech that the government was actively considering options for a sale of its shares in Lloyds. Shares in 81% state-owned RBS were down 0.98% to 273.10p at 14:56 on Friday while those in Lloyds, in which tax payers have a 39% stake, were up 0.38% to 63.10p.TB