Antonio Horta-Osorio, chief executive officer for Lloyds Banking Group, said that the bank is now in position for Britain's sale of its GBP 20 billion stake in the lender. Lloyds mentioned that the decision for the timing of the sale will be set by finance ministry.
"It is up to the government to decide how and when to do it. I believe we have completed the first phase ... the share price is now in a position where the government can return taxpayers' money at a profit," Chief Executive Antonio Horta-Osorio told reporters on a conference call.
Lloyds said that they expect to meet targets concerning capital strength, cost savings and margins earlier than expected. The lender also added that they expect Britain to start the selling process in the coming month.
The Lloyds Banking Group Plc is the leading British financial institution that was formed through the acquisition of HBOS by Lloyds TSB in 2009. Lloyds Banking Group is involved in retail banking, which includes mortgages, Pensions & Insurance, and Wealth & International. Lloyds Banking Group's operations cover Asia, the US, Middle East and Europe.
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