Lloyds Banking Group is set to confirm the government has sold its final stake

Courtney Goldsmith
Follow Courtney
Government Announce Lloyds Bank Share Sale Raising £3.2 Billion
Lloyd will soon be freed from partial state ownership (Source: Getty)

The UK's largest high street lender, Lloyds Banking Group, will tomorrow confirm the government sold its remaining stake nine years after its bailout.

The Treasury sold its final shares in Lloyds in the late hours of trading today, meaning Lloyds will be freed from partial state ownership for the first time in nearly a decade.

Lloyds will announce UK Financial Investments (UKFI) sold its entire shareholding before the market opens tomorrow.

The UK government spent an estimated £20.3bn to take a 43 per cent shareholding and rescue the group, and that stake has been slowly reduced over recent months.

The news comes after chief executive Antonio Horta-Osorio revealed at the bank’s annual general meeting last week that he expects the UK taxpayer to make a profit of at least £500m on the bailout.

Related articles