Banks submit proposals to take part in Lloyds sale

8 July 2013

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

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