LONDON, May 11 (Reuters) - The British government’s stake in Lloyds Banking Group is down to 0.25 percent, the bank’s chairman Norman Blackwell said on Thursday, putting the lender on track to be in full private ownership within ‘days’.
UK Financial Investments Limited (UKFI), which manages the government’s stake, resumed share sales in October, having halted them for almost a year due to market turbulence.
“We are just days away from full private ownership,” the lender’s chief executive Antonio Horta-Osorio told shareholders at the lender’s annual general meeting in Edinburgh, Scotland.
The government spent more than 136.6 billion pounds ($176.50 billion)rescuing some of Britain’s biggest high street lenders at the height of the financial crisis, including Royal Bank of Scotland and Lloyds, but has so far only managed to recoup half of that money. ($1 = 0.7739 pounds) (Reporting By Andrew MacAskill, writing by Lawrence White; Editing by Rachel Armstrong)