Invesco Perpetual's Neil Woodford is considering snapping up shares in Lloyds Banking Group when the government begins selling its stake, according to reports.
Citing City sources, the Daily Mail reports Invesco Perpetual's head of investment has joined the race to buy as much as 10% of the bank.
Woodford (pictured) has avoided banking stocks for years, preferring to back defensive names in a portfolio which has long held income favourites such as AstraZeneca, GlaxoSmithKline and British American Tobacco.
The Treasury is thought to be seeking a deal worth around £5bn for the 10% stake, but potential buyers are looking to drive the price down below Lloyds’ 66.25p share price, up 0.15p yesterday.
Shares in the bank have risen 120% in the past year.
Partner Insight: Continuing the Architas education series for clients.
What made financial headlines over the weekend?
290,000 already affected
Putting the tech into protection
Square Mile’s series of informal interviews