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

Facebook may start production of its own microprocessors

Long-Term Alcohol Monitoring Could Be Possible With A New Injectable Chip Developed By U.S. Researchers

Sweden Now Has The First Electrified Road In The World

Over 270,000 Account Globally Banned From Twitter For Promotion Of Terrorism

Device Capable Of Hearing The Inner Voice Developed By Researchers

New mobile technologies will warn about natural disasters

The brewing industry welcomes blockchain

Asset-Sharing App Of Ryder Is Meant For Commercial Vehicles

Credit Suisse: China will become the leader in AI sphere

Five new technologies that will change the world

World Politics

World & Politics

Debates over Google are heating as a new EU directive is about to be introduced

Will Merkel accept Macron's plans for Europe?

USA and China are pushing North Korea to denuclearization

Germany's dilemma: Will the atomic energy win?

A Forceful Response To Syria Attack Will Be Given By U.S.: Trump

Is Trump’s Maximum Pressure Tactic On North Korea Succeeding Because Of China?

Why are Turkey-EU relations moving back?

Record-Breaking $39 Million raised for Rare Cancer Research in 2018 by Cycle for Survival