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LONDON, March 25 (Reuters) - Britain will sell an additional 7.5 percent of part-nationalised Lloyds Banking Group, worth about 4.2 billion pounds ($6.9 billion), via a placing to institutional investors, UK Financial Investments (UKFI) said on Tuesday.
UKFI, which manages the government’s stakes in Lloyds and Royal Bank of Scotland, said the sale would cut the government’s stake in Lloyds to 25 percent.
Bank of America, Merrill Lynch, JP Morgan, Morgan Stanley and UBS have been appointed to act as bookrunners.
$1 = 0.6059 British Pounds Reporting by Matt Scuffham; Editing by Steve Slater