March 15, 2017 / 7:16 AM / in 7 months

British government cuts stake in Lloyds to below 3 percent

LONDON (Reuters) - The British government has reduced its stake in Lloyds Banking Group (LLOY.L) to just below 3 percent, putting the lender on track to be back in private ownership within the next few months.

Signs are seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning

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.

UKFI said it had reduced its stake by about 1 percent to 2.95 percent in an announcement on Wednesday.

The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound ($25.75 billion) taxpayer-funded bailout during the 2007-09 financial crisis.

Reporting By Pamela Barbaglia; Editing by Rachel Armstrong

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