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Lloyds asked to draw up plans for £19bn gov’t stake sale

Lloyds asked to draw up plans for £19bn gov’t stake sale

Lloyds Banking Group has been asked to draw up plans for a £19 billion sale of the government’s stake in the bank, according to Sky News.

UK Financial Investments, which manages the government’s banking stakes, has written to the Lloyds board asking it to write a prospectus to accompany a share sale to the public, Sky said.

The Treasury is understood to want to offload a large portion of its 33% stake in the bank this year, although the timing of a sale has not yet been decided, Sky cited an insider as saying.

An announcement about the new sale is not expected until after Lloyds’ full-year results at the end of next month.

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