More than a dozen top banks are finalizing plans to run a GBP20 billion share sale in Lloyds Banking Group. The deal to sell Lloyds is one of the most prestigious British deals in recent years with fees cut to the bone.
According to UK Financial Investments (UKFI), banks need to pitch by Monday to handle the sale of Lloyds Banking Group. The sale was of the government's 39% shareholding in Lloyds and later 81% of Royal Bank of Scotland. UKFI manages the government's shares in the banking group.
UKFI would pick possibly eight banks to shortlist. This would lead to the sale of Lloyds this year. As much as GBP5 billion worth is holding up for sale, industry and political sources said.
According to bankers, all the big names from Wall Street and the City of London will join the bidding process. This was even though government fees work less lucrative for private companies.
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