The British government has slashed its stake in Lloyds Banking Group to 23.9% from 24.9% by selling another parcel of shares for nearly £500m ($770m).
The latest stake sale brings the total amount of money recovered for the taxpayer to just below £8bn.
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Commenting on the latest move, Britain’s finance minister George Osborne said, "This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers’ money back."
During the financial meltdown of 2007 to 2009 the government had injected £20bn into the bank, which made it 41% state-owned.
The government had hired Morgan Stanley to manage the sales process, all at a price above the 73.6 pence average price paid by the government to bail out the bank.
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By GlobalData
