London: Britain has sold a 1.0-percent stake in state-rescued Lloyds Banking Group for £500 million ($769 million, 677 million euros) under plans to return it to private ownership, the government said on Monday.
The Treasury announced in a statement that the sale has trimmed the government`s stake from 24.9 percent to just under 24 percent.
Britain still owns a large chunk of Lloyds after bailing it out with £20 billion of taxpayers` cash at the height of the 2008 global financial crisis.
The government initially took a 39-percent share of Lloyds and has so far raised almost £8.0 billion selling bits of its holding.
Finance minister George Osborne had already revealed a six-month plan in December to reduce the stake.
"I am delighted to announce today that the trading plan I launched in December has raised a further £500 million for the taxpayer so far," Osborne said Monday.
"This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers` money back.
"The trading plan and its success are only made possible by our long term economic plan which is delivering a more secure and resilient economy."
The latest shares were sold above the average price that the previous government had paid for them, which was 73.6 pence.