Shares in Lloyds Banking Group have risen over 2% today following reports that overseas investors are considering buying up 10 billion pounds – half of the government’s 39% stake in the bank.
According to Sky News, former Standard Chartered CEO Mervyn Davies is forming a consortium of sovereign wealth funds and financial firms to buy up the shares.
Chancellor George Obsorne has made it clear that the sale of Lloyds Banking Group will take place as soon as possible, with the Treasury potentially selling off part of it stake as early as August to coincide with its interim results.
Other plans of what to do with the bank have included large scale share give-aways to the public.
The government has reportedly already received a number of tentative enquiries about the sale: according to The Sunday Times, Singapore state investor Temasek had made a preliminary approach about buying a 4.5 billion pound stake in the bailed-out bank.
The 2.3 percent rise in shares at 66.1 pence puts the shares well above the 61.2p level the government’s breakeven price.