Temasek Holdings Denies Bid for UK's Lloyd Banking Group Stake

July 7
11:07 AM 2013

Temasek, the Singaporean sovereign wealth fund manager, has confirmed it had not approached the UK government as to the purchase of a part of state's shareholdings in Lloyds Banking Group. Industry sources told Reuters on Sunday that there was no GBP4.5 billion or US$6.70 billion offer made.

It was reported in the Sunday Times that the sovereign wealth fund manager had made a preliminary inquiry to the British government about purchasing part of the 39% holdings of the state in Lloyds Banking Group.

A spokesperson for Temasek said that the company does not respond to market speculation, The UK Financial Investments, the government office managing the state's shareholdings declined to make any comment. Lloyds Banking Group also did not provide any comment on the matter.

Britain is now preparing to sell off its interest in Lloyds Banking Group, now estimated to be worth GBP20 billion. On Monday, there would be a meeting with advisers to provide plans on the management of the sale.

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