The boss of Lloyds just bought shares worth £36,000 a day after the government sold its stake

Emma Haslett
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Lloyds Banking Group's chief executive A
Horta-Osorio bought 50,000 shares (Source: Getty)

It's been 24 hours since the government announced it was no longer a shareholder in Lloyds, and chief executive Antonio Horta-Osorio has celebrated, by buying £36,000 of shares.

In a note to the stock market this morning, the lender said Horta-Osorio had bought 50,000 shares at 72.31p each.

Yesterday the government announced it had sold out of Lloyds completely, nine years after it spent £20.5bn bailing out the lender.

Philip Hammond said the Treasury had received £900m more than it originally invested when it bought a 43 per cent stake in the lender in 2008. The news sent shares in the lender up more than three per cent at one point yesterday.

But a group of former shareholders, which is in the process of suing Lloyds for between £300m and £350m over its buyout of HBOS, accused the government of "gloating".

In a statement yesterday it said:

It is disgraceful that the government is gloating about making a profit from selling its stake in Lloyds, whist ordinary people, some of whom were employed by Lloyds and encouraged to buy Lloyds TSB shares as part of their pension, have still after 10 years not been compensated for bailing out HBOS.

The shareholder group, represented by law firm Harcus Sinclair UK, is made up of approximately 6,000 claimants, including 5,700 private shareholders and more than 300 institutional investors. It says Lloyds did not make it aware of the "parlous state" of HBOS before it was bought by Lloyds in 2008. The case is due to be heard in October.

Shares in Lloyds were up 0.1 per cent in early trading, at 71.6p.

Read more: Lloyds is out of taxpayers' hands: Here's what four City analysts think

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