LONDON, May 16 (Reuters) - The British government is due to announce the sale of its remaining stake in Lloyds Banking Group on Wednesday, the first lender to fully repay its state bailout in a landmark moment for the recovery of Britain’s banking sector.
Britain spent more than 20 billion pounds ($26 billion)rescuing Lloyds during the global financial crisis of 2007-9, leaving the government with a 43 percent shareholding, which has been sold back into the market over the last five years.
UK Financial Investments, which manages the government’s stake in the lender, is expected to announce the sale of the last remaining under one percent stake in the bank to markets on Wednesday morning, two sources said on Tuesday.
A spokesperson for the bank was not immediately available for comment.
$1 = 0.7744 pounds Reporting By Andrew MacAskill, editing by Kirstin Ridley