Banks have submitted their proposals to the Treasury to run a potential £20 billion sale of the nationalised part of Lloyds.
They had until this morning (8 July) to enter their pitch to handle the sell-off of the government's 39 per cent stake in the UK-based bank.
Currently, the method of sale has not been decided, but there has been interest from several parties, including Standard Chartered boss Lord Davies, who is reportedly putting together a consortium of investors and overseas funds to buy a £10 billion stake in the bank.
The Sunday Times has also reported the Singapore government's investment arm Temasek is willing to buy ten per cent of Lloyds' shares worth £4.5 billion. The firm is a shareholder in Standard Chartered.
It is now up to the UK Financial Investments, which manages the government's shares, to pick a shortlist of banks to handle the process.
By Tony Aynsley