A £3.21 billion chunk of taxpayer-backed Lloyds Banking Group has been sold by the Government as it begins the process of returning the bank to private hands.
The stock was snapped up by institutional investors at a price of 75p per share, only a small discount to last night’s closing price on the FTSE 100 of 77.36p.
It means the taxpayer stake in Lloyds - rescued by the state at the height of the financial crisis after the disastrous acquisition of Halifax Bank of Scotland - has been reduced from 38.7% to 32.7%.
The sale price represents a £61 million profit on the 73.6p average price paid by the Government at the time.
No further sale of the taxpayer stake will take place for a further 90 days.
Lloyds employs around 6,000 staff in Calderdale.