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Britain to sell 6% of stake in Lloyds

AFP-JIJI

Britain launched plans Monday to sell 6 percent of its stake in bailed-out Lloyds Banking Group, marking the lender’s first crucial step toward a return to the private sector.

U.K. Financial Investments, which manages the state’s bank holdings, said it will seek to sell 4.28 billion shares to institutional investors.

The sale will see the Conservative-Liberal Democrat coalition government’s LBG holding drop from 38.7 percent to about 32.7 percent. The government is keen to recoup £20 billion ($32 billion) of taxpayers’ cash that was ploughed into the group at the height of the global financial crisis.