Daily Management Review

Britain Sells Share in Lloyds Again


07/16/2015


Authorities in Britain sold 10% stake in Lloyds Banking Group as part of plan to reduce stake in the bank, promulgated on December 17, 2014



Amer Ghazzal/ Amer Ghazzal/Demotix/Corbis
Amer Ghazzal/ Amer Ghazzal/Demotix/Corbis
According to the Ministry of Finance’s announcement published on Thursday, the government sold another 1% stake in Lloyds, reducing the stake in the bank to less than 15%.

In December 2014, the state owned 24.9% stake in Lloyds.

In total, the British government has already received more than 13 billion pounds ($ 20 billion) from the sale of shares of Lloyds. All of these funds are allocated for the payment of public debt, the Finance Ministry said in a statement.

British Finance Minister George Osborne said that the bank plans to continue returning to private ownership and use means obtained from the sale of shares to reduce the country's debt.

Plan for sale of shares in Lloyds should be completed no later than December 31, 2015, noted the Ministry of Finance. As reported, Lloyds in 2014 returned to a profitable level for the first time in five years, and announced plans to resume dividend payments.

Ratings Services Standard & Poor's raised its rating of the bank from "BBB" to "BBB +".

Office of the observance of the norms of behavior in the financial markets (Financial Conduct Authority, FCA) has fined Lloyds Banking Group Plc for 117 million pounds sterling (approximately $ 181 million).

 






Science & Technology

Wreck Of Russian Ship Rumoured To Have 5,500 Boxes Of Gold Found Near South Korean Island

Gene Editing of Human Embryo Could Find ‘Moral’ Grounds: UK’s Ethics Council

Baidu comes up with a self-driving bus

Developing countries are stepping up their own space programs

McAfee: Number of cybercrime attacks skyrocketed

RemoveDebris Mission To Clear Debris Of In Orbit Over Earth

British experts: Online gambling is dangerous

Vodafone Chooses ‘Highly Trafficked Urban’ Space As Its 5G Testing Grounds

Space To Become A Travel Destination By 2022

Dream Of Immortality Can Be Realised By 2045

World Politics

World & Politics

Ireland pledges to stop investing in fossil fuels

Germany asks to return € 4 thousand subsidies for the purchase of Tesla

Was Trump's visit to the UK the last straw?

Prime Minister May Could Alter Brexit Strategies, Said Ress-Mogg

Le Maire: The US refused to release France from anti-Iran sanctions

One Belt, One Road is facing difficulties around the world

Qatar to raise $ 4 billion to buy Eurofighter Typhoon jets

The UK sets to turn all cars zero-emission by 2030