The U.K. government may start selling its 40 percent stake Lloyds Banking Group Plc this year after a surge in the bank’s shares, according to Robert Talbut, chief investment officer of Royal London Asset Management Ltd.
A partial sale would be well-received by investors and voters, two years before Britain’s next general election, said Talbut, who helps manage 45 billion pounds ($70 billion) of assets, in an interview. Lloyds has gained 56 percent in the past year to 55.3 pence in London trading, 14 percent below the government’s break-even price.
Taxpayers injected about 20 billion pounds in Lloyds, Britain’s biggest mortgage lender, and 45.5 billion pounds in Royal Bank of Scotland Group Plc to bolster the lenders’ capital amid the 2008 financial crisis. The government has been prevented from selling its stakes as a stalled U.K. economic recovery and banking scandals including loan insurance mis- selling have left the shares behind the U.K.’s break-even price of investment.
http://www.bloomberg.com/news/2013-02-20/u-k-may-start-lloyds-stake-sale-this-year-talbut-says.html
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