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Lloyds Banking Group set for April share sale

The UK's Lloyds Banking Group, which is partly owned by taxpayers, has confirmed plans to return shares owned by the government to private investors in March.

Currently the government holds a 32.7 per cent stake in the company, after the sale of six per cent of its original 39 per cent share.

The BBC's Robert Peston indicated that the sale of the shares is most likely to take place in April, following the publication of the firm's annual report in March.

He added that there could be a two-part sale, with the first round aimed at professional buyers, followed by a later offer pitched towards small investors.

Around ten per cent of the government's holding in the bank could be sold, which at current prices would equate to $9.2 billion.

However, Lloyds' share price fell yesterday (3 February) on the back of an update that indicated it has made provisions for payment protection insurance miselling.

It announced a further $2.9 billion to compensate customers, taking the cost for Lloyds alone to just short of $16.2 billion.

By Claire Archer