Lloyds CEO says govt share sale planning 'well advanced'

LONDON Mon Feb 3, 2014 3:15am EST

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LONDON Feb 3 (Reuters) - Lloyds Banking Group's is well advanced in its preparations for a second sale of the British government's shares in the bank, Finance Director George Culmer told reporters.

Lloyds, 33 percent-owned by the government, said on Monday it is preparing the documents required for a possible future sale of shares in the bank to the public.

"It is pretty well advanced. The prospectus is well in hand and progressing well," Culmer said.

Chief Executive Antonio Horta-Osorio added that the timing of the sale would be up to the government.

The government sold a 6 percent shareholding in the bank to financial institutions last September.

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