U.K. government sells last of Lloyds stake

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

The U.K. Treasury in 2008 took a 43.4%, or more £20B stake in the teetering lender, and began selling off shares about five years later. According to Financial News of London, the last of that stake has been sold.

Lloyds (LYG +1.9%) has been an outperformer vs. peers Barclays and RBS since 2011 - that's when current CEO António Horta-Osório took over and moved quickly to slash costs and get out of non-core businesses. Lloyds today operates in six countries (with 97% of business focused on the U.K.), down from 30 in 2011.

The U.K. government still owns 70% of RBS.