LONDON (AP) — Britain's investment authority says it has given the go-ahead for more shares to be sold in Lloyds — a banking group that had to be bailed out during the financial crisis.
U.K. Financial Investments, the arm of the British government which manages the country's stakes in Lloyds and the Royal Bank of Scotland, announced Tuesday it was selling 7.5 percent of Lloyds' ordinary share capital. Following its second stake sale to financial institutions, the government will own only 25 percent of Lloyds.
At the current share price, the government stands to raise 4.2 billion pounds ($6.7 billion).
The British government injected billions of pounds into its banks to shore up the system during the financial crisis. Lloyds has been expressing confidence recently that its recovery is ahead of schedule.