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UK cuts its stake in Lloyds to below 13 pct

Reuters - UK Focus

LONDON, Aug 24 (Reuters) - Britain's government has reduced its holding in Lloyds Banking Group (Other OTC: LLOBF - news) to below 13 percent, taking the bank closer to full privatisation after needing a state rescue in the 2008/09 financial crisis.

UK Financial Investments, which manages the government's stakes in Lloyds and Royal Bank of Scotland (LSE: RBS.L - news) , has reduced its holding to 12.97 percent, Lloyds said on Monday.

Lloyds needed 20.5 billion pounds ($32.1 billion) of taxpayers' cash to avert collapse at the peak of the financial crisis, leaving the government with a 43 percent stake.

The finance ministry began selling off its stake in September 2013 and Lloyds is on track to return to full private ownership in 2016. ($1 = 0.6384 pounds) (Reporting by Steve Slater, editing by Sinead Cruise)