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Britain To Launch Public Sale Of Lloyds Banking Group PLC Shares; Royal Bank of Scotland Group PLC Later-Reuters
Reuters reported that according to Sunday Times, British finance minister George Osborne will launch the early sale to the public of shares in bailed-out lender Lloyds Banking Group PLC. Shares the government owns in Royal Bank of Scotland Group PLC, also rescued during the financial crisis, will be sold at a later date, the paper said. Osborne will announce the sale of the state's 39% stake in Lloyds, which could raise up to 17 billion pounds ($26 billion), during his annual policy speech to London's business community at Mansion House on June 19, the Sunday Times said. However, citing people close to the process, the Financial Times reported that the Treasury is considering selling an initial 10% of Lloyds before the end of the year.
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