U.K. SELLS 10% OF LLOYDS IN THE PAST 5 MONTHS UNDER TRADING PLAN

The U.K. government has sold 10 percent of Lloyds Banking Group Plc in the past five months through its trading plan, reducing its stake to less than 15 percent.
The latest disposal cuts the Britain’s holding a further percentage point from the level reported on July 2, according to a statement on Thursday. The stake has dropped from 24.9 percent when the Treasury’s trading plan started in December.
The sale of shares in Lloyds brings the total recovered for taxpayers to more than 13 billion pounds ($20 billion), according to a separate statement from the Treasury. Chancellor George Osborne said he’ll start start returning Royal Bank of Scotland Group Plc to private ownership in the coming months, even though it may come at a loss for the taxpayer. The government owns about 79 percent after bailing out the lender.

“I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt,” Osborne said in the statement.
Britain’s largest mortgage lender, led by Chief Executive Officer Antonio Horta-Osorio, 51, reports second-quarter earnings July 31.

source; Bloomberg