According to Finance Minister George Osborne, Britain is ready to start selling its shares in Lloyds Banking Group. It is also evaluating whether to split Royal Bank of Scotland (RBS). Osborne also admitted that re-privatization of RBS remains a long way off.
The government showed that Britain's part-nationalized banks are recovering from the 2008 fiscal crisis. The sale of 39% stake in Lloyds would allow RBS to claim at least partial success. This is projected to occur prior the next election in 2015.
The decision of Osborne to investigate storing off RBS's weak assets transpired after a parliamentary commission where such analysis were recommended on Wednesday.
In his annual address to financiers in London, Osborne stated that a split of RBS and Lloyds would only occur if it will serve the best interest of taxpayers. This would also be possible if taxpayers will not be required to put in additional capital to the bank, he added.
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