Govt looks to sell bank stakes

Reports suggest UK Financial Investments (UKFI), which manages the Government's stakes in RBS and Lloyds Banking Group, has been sounding out investor interest, including from sovereign wealth funds. Bank shares received a boost following the news the state may loosen its grip on the sector. In the past two years, the Government has taken substantial stakes in a number of lenders who risked collapse due to their exposure to risky mortgage assets. UKFI is expected to sell the shares slowly over a number of years, given its large stakes and its desire to make a profit for taxpayers. The...