Britain Announces Early Public Sale of Lloyds

By IVCPOST Staff Reporter

Jun 09, 2013 11:55 PM EDT

According to Sunday Times, British finance minister George Osborne will launch an early public sale for the shares of Lloyds Banking Group. Sources were not cited in the said report.

The same paper stated that the rescued government shares during the 2008 financial crisis from the Royal Bank of Scotland will be set on sale at a later date.

Osborne is to announce sale of 39% of the state's stake in Lloyds. This will be done during his yearly policy speech on June 19 said Sunday Times. The said sale can raise US$26 billion.

Citing people close to the matter, the Financial Times stated that the Treasury considers initial selling of 10% of Lloyds prior to the end of the year.

The Treasury refused to give statements on Sunday while Lloyds said that the matter was for the government to comment.

George Osborne is under pressure with unpopular austerity program that is driven towards cutting the huge public deficit of Britain.

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