Feb 23, 2015 5:47 AM

UK government cuts its stake in Lloyds by another 1 percent

The Associated Press

LONDON (AP) Britain's government has cut its stake in Lloyds Banking Group by another 1 percent, recouping about 500 million pounds ($768 million) for taxpayers who rescued the bank at the height of the financial crisis.

Chancellor George Osborne announced the sale Monday, updating plans for reducing the government's stake that were announced in December. The Treasury has reduced its stake to 24 percent from 40 percent, raising just under 8 billion pounds. The Treasury says all of the shares were sold for more than the 73.6 pence a share paid to acquire the stake.

Osborne says the sale shows "further progress in returning Lloyds Banking Group to private ownership" and getting taxpayers' money back.

The plan is scheduled to end no later than June 30.


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