August 13, 2014 / 3:03 PM / 3 years ago

UK pulls plan to sell Lloyds shares to private investors -sources

LONDON, Aug 13 (Reuters) - Britain has abandoned plans to sell shares in Lloyds Banking Group to private retail investors before the next election in 2015 because of a decline in the bank's share price, banking industry and political sources told Reuters.

Finance Minister George Osborne was keen to sell some of the government's remaining 25 percent stake to shareholders having already raised 7.4 billion pounds ($12.4 billion) through two separate sales of shares to institutions such as pension funds and insurers.

However, it has scrapped plans to offer the shares to retail investors because the shares have fallen below the levels at which the first two tranches of shares were sold.

$1 = 0.5990 British Pounds Reporting by Matt Scuffham

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