UK gradually claws money back from Lloyds and RBS

26 March 2015

Lloyds+Bank The UK has made £500 million pounds thanks to another bit of the Lloyds Banking Group being sold off, according to the Chancellor, George Osborne.

This means that the British taxpayer now owns less than 22% of the company after we all took a 40% stake in it, after the 2009 bailout.

"We have raised a further 500 million pounds through Lloyds share sales," Osborne said on Twitter. "Nine billion pounds now recovered and being used to pay down our national debt."

On top of that, RBS have sold off it's shares in the US company Citizens, raising £2.1bn. This means that the Royal Bank of Scotland can look at selling additional shares, after the 90-day lock-up period has passed. The idea is for the bank to sell out of Citizens shares by the close of 2016.

Of course, RBS have to sell all these shares under the group’s state bail-out conditions.

"The sale of Citizens is an integral part of the RBS capital plan. It will help us to create a stronger, safer, UK focused bank that can better serve the needs of its customers,” said Ross McEwan, the chief executive of RBS.

TOPICS:   Banking

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