Lloyds Bank Building

The latest move, which is part of a plan to reduce the government stake in Lloyds in the run-up to May’s general election, is expected to take the total amount of money recovered for the taxpayer from the bank to under £8bn.

Following the sale, the government’s stake in the bank has come down from around 40% to 24%.

All shares were sold above the average price the previous government paid for them, which was 73.6p.

UK Chancellor of the Exchequer George Osborne said: "This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers’ money back.

"The trading plan and its success are only made possible by our long term economic plan which is delivering a more secure and resilient economy."

The trading plan involves gradual selling shares in the market over time. It is expected to continue for about four months, ending no later than 30 June.

The plan announced by the government was aimed at reducing its stake in the British lender, after selling shares worth a total £7.5bn in March 2014 and September 2013.

In order to bail out Lloyds during the financial crisis, almost £20.5bn was spent.

Lloyds Banking Group announced that the government’s shareholding in the bank had crossed through a one percentage point threshold, as required by Financial Conduct Authority (FCA) rules.

British financial institution Lloyds was formed through the acquisition of HBOS by Lloyds TSB in 2009 and its activities are organized into retail banking, commercial, life, pensions & insurance, and wealth & international.


Image: Lloyds Bank Building, King Street Manchester. Photo: courtesy of Pit-yacker