Lloyds Bank Shares Worth £4.2bn Sold

Taxpayers have been left with a 25% stake in Lloyds Banking Group after the Government sold shares valued at £4.2bn.

The taxpayer owned 33% of Lloyds but the Treasury has continued with plans to fully return the lender to the private sector.

Some 5.6bn shares were sold to City investors on Tuesday night - raising £4.2bn based on the closing share price of 79.1p.

The shares were bought for 73.6p each, generating £106m profit for the taxpayer.

Lloyds was bailed out by the Government in 2008

In early morning Wednesday trades shares were down more than 4%, at 75.9p.

Chancellor George Osborne described the sale was "good value" and that the return would help cut the country's debt burden.

"It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer's money back," Mr Osborne said.

A Treasury spokesman added: "Building a stronger banking system is a core part of the Government's long-term economic plan to deliver greater economic security."

The Government injected roughly £21bn into Lloyds in October 2008 during the financial crisis, giving it a 43% stake.

In April 2010, Lloyds returned to profit for the first time since its bailout.

Antonio Horta-Osorio, chief executive of Lloyds

The Government made a profit of £61m selling off the first tranche of its shares in September last year.

Ahead of the sale Lloyds boss Antonio Horta-Osorio said: "I am pleased that the Government intends to sell a further stake in Lloyds Banking Group and allow taxpayers to get more of their money back.

"I believe this reflects the hard work undertaken over the last three years to make Lloyds a safe and profitable bank that is focused on helping Britain prosper."

Lloyds posted statutory profits of £415m for 2013 against losses of £606m in 2012 - its first bottom-line profit since 2010.

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