LONDON – The British government has reduced its stake in Lloyds Banking Group to just below 3 percent, putting the lender on track to be back in private ownership within the next few months.
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UK Financial Investments Limited (UKFI), which manages the government's stake, resumed share sales in October, having halted them for almost a year due to market turbulence.
UKFI said it had reduced its stake by about 1 percent to 2.95 percent in an announcement on Wednesday.
The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound ($25.75 billion) taxpayer-funded bailout during the 2007-09 financial crisis.
(Reporting By Pamela Barbaglia; Editing by Rachel Armstrong)