Forget the ABOs…how to sell £66bn of UK bank shares for a profit
The UK Treasury could turn its £66bn bank share disposal problem on its head by distributing stock to taxpayers in conjunction with a £10bn institutional placement and a £5bn sale of exchangeable bonds. The novel scheme has been proposed by former bankers working for corporate advisory outfit Portman Capital Partners, writing for Conservative think-tank the Centre for Policy Studies.
The crux of the scheme (click here for the full CPS report) is to remove the structural overhang that any eventual sale of Lloyds Banking Group and Royal Bank of Scotland stock through conventional means whether placement or exchangeable bond will have to contend with.
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