LONDON (Alliance News) - The UK government will sell another GBP9 billion worth of Lloyds Banking Group PLC shares in 2015, continuing the bailed-out lender's return to full private ownership, Chancellor of the Exchequer George Osborne told lawmakers on Wednesday.
"We will sell at least a further GBP9 billion of Lloyds shares in the coming year," Osborne said in his 2015 Budget speech.
The government still owns about 22.98% of Lloyds Banking Group, having reduced its stake from more than 40% after it required state aid during the financial crisis of 2007-09. It is currently dripping shares onto the market through a trading plan managed by Morgan Stanley.
Lloyds restarted dividends with a 0.75 payment to shareholders for 2014 announced in February, when the bank reported a GBP1.8 billion pretax profit in 2014, compared with a GBP415 million pretax profit in the prior year.
Lloyds shares were down 0.1% at 79.37 pence on Wednesday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Lloyds (LLOY)