UK govt names Merrill banker to sell bank stakes
LONDON, Nov 27 (Reuters) - A top banker has been recruited from Merrill Lynch to handle the sale of Britain's investment of up to 28 billion pounds ($43.2 billion) in a trio of banks, the company set up to manage the holdings said on Thursday.
UK Financial Investments (UKFI), set up to manage the government's shareholding in Royal Bank of Scotland (RBS.L), Lloyds TSB (LLOY.L) and HBOS HBOS.L, named John Crompton as head of market investments.
Crompton will be responsible for devising and executing a strategy for selling the stakes when appropriate. He joins from Merrill MER.N, which he joined last year as managing director and head of equity capital markets for EMEA. He has 20 years' experience of capital markets and was previously at Morgan Stanley, and spent two years on secondment to the UK Treasury from 2005 to 2007.
Britain last month underwrote share offers as part of last month's 37 billion pound bank rescue plan. It is likely to see the state buy 15 billion pounds of RBS shares, giving it a 58 percent stake, and buy up to 13 billion pounds of shares in the combined Lloyds/HBOS, or a 43 percent holding. (Reporting by Steve Slater; Editing by David Cowell)
