Lloyds Banking Says UK Government Cuts Stake To 18.99%

(RTTNews) - British lender Lloyds Banking Group Plc. (LYG, LLOY.L) said Monday that the British Government has reduced its stake in the bank by another percentage point to 18.99 percent.

The government now owns 13.56 billion shares, or 18.99 percent of the bank's voting rights, while it previously held 14.22 billion shares.

The bailed-out bank did not disclose any price for the share sale, which was conducted on Friday.

Lloyds was bailed out by U.K. taxpayers during the financial crisis, with the government taking a 39% stake in the retail bank. In late 2013, the government started selling its shares in Lloyds.

In London, Lloyds shares were gaining 1.28 percent to trade at 88.89 pence.