Britain to sell $4.34 billion of Lloyds bank stock to public

LONDON - Britain will sell another £2.0 billion (S$4.34 billion) of shares in state-rescued Lloyds bank to the public, the government said Monday.

The Treasury will offload Lloyds shares worth £2.0 billion in spring 2016, and will exit its holding "in the coming months", it said in a statement.

All of the proceeds will be used to pay down the national debt.

The British government had bailed out Lloyds during the financial crisis in 2008 at a cost of some £20 billion, taking out an initial stake of 43 percent.

It has been gradually reducing its stake in the bank in recent months and this now stands at less than 12 percent.