The UK government has confirmed it is to begin selling down its stake in Lloyds Banking Group - with reports suggesting US investors could snap up as much as half of it.
The government's UK Financial Investments arm will sell 6% of the bank's issued share capital, equivalent to 4.2bn shares, through an institutional share placing, it announced on Monday. Bank of America Merrill Lynch, JPMorgan and UBS will manage the share sale. A report in the Telegraph said an unnamed source close to the sale revealed that American institutional investors and hedge funds had registered high levels of interest and could buy as much as half of the 4.2bn shares on offer. "That's their bet on the UK economy," the Telegraph quoted the source as saying. Lloyds share...
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