Lloyds Banking Group: UK Government Cuts Stake Below 1%

Lloyds Banking Group PLC (LLOY.LN) said Friday the U.K. government has lowered its shareholding in the bank to 638.4 million shares, or 0.89% of its issued share capital.

The U.K. government previously held 1.41 billion shares.

No price was disclosed for the share sale, which was conducted on Thursday. The government is putting money raised from the sale toward reducing the national debt.

Lloyds, the U.K.'s biggest retail bank, was bailed out by U.K. taxpayers during the financial crisis, with the government taking a 39% stake. The government started selling its shares in the bank in late 2013.

Last October, Philip Hammond, the U.K. Treasury chief, said the government would begin to sell its remaining 9.1% stake in Lloyds in a piecemeal fashion, after withdrawing a planned retail sale, attributing its decision to market volatility.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

April 28, 2017 02:42 ET (06:42 GMT)