UK plays long game with safe £3.2bn Lloyds sale
The UK government on Tuesday launched its disposals of the bank holdings it accumulated during the financial crisis with a cautiously sized, priced and executed £3.2bn overnight sale on Monday. Bankers hailed a forward-looking trade that established a precedent for the government’s smooth exit from the rest of the stake, writes Andrew Griffin.
Further sales are expected to begin towards the beginning of next year, when the government’s lock-up expires, and may include a retail portion.
Some in the market had expected a larger sale — perhaps for as much as £6bn. But when the deal was completed on Tuesday morning, the
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