Lloyds Banking Group shares are unlikely to be sold to retail investors at a discount as market uncertainty following the Brexit vote sparks fears the plans will be scrapped.
According to The Times, the government intends to abandon plans to offload its shares in the banking group to retail investors in the aftermath of the EU referendum outcome. The government currently owns 9% in Lloyds and former Chancellor George Osborne planned to sell a 'Tell Sid' offer of Lloyds shares to offload the state-owned stake to the retail market. Some £20bn was invested in Lloyds by the government in 2009 and has so far sold off around 75% of its stake, gaining £16.5bn. The Treasury has also received £373m in dividends from the firm. Lloyds Banking Group to cut 3,000 r...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
