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Treasury nets £500 million in latest Lloyds share sale

Lloyds share sale nets Treasury another £500 million Credit: Laura Lean/PA Wire

The government has sold another £500m of Lloyds Banking Group shares, bringing its overall stake in the bank down to 23%, from 40% in 2009.

Together with the recent dividends payment it brings the total amount recovered for the taxpayer from Lloyds to approximately £8.5bn.

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£11.5m bonus for Lloyds Banking Group boss

Lloyds Banking Group boss Antonio Horta-Osorio received a £11.5 million bonus for 2014, the bank has confirmed.

Lloyds Banking Group boss Antonio Horta-Osorio Credit: John Stillwell/PA Archive

His bonus included more than £7 million from a long-term share-based plan linked to the bank's performance for the three years since 2012.

ITV News Business Editor Joel Hills has tweeted the breakdown of bonuses awarded to the bank's executives:

Overall, the bank's annual bonus pool was £369.5 million, 3.6% less than the previous year.

Osborne hails Lloyds profits as 'major milestone'

Chancellor George Osborne has hailed the announcement of £1.8bn profits at Lloyds Banking Group as a "major milestone in the recovery of the British economy", ITV News Business Editor Joel Hills has reported.

Lloyds also confirmed money has been set aside to cover the continuing fallout from the PPI scandal.

Profitable Lloyds to pay first dividend since bailout

Lloyds Banking Group will pay its first dividend to shareholders in six years - since its 2008 bailout - after reporting annual profits of £1.8 billion.

Lloyds Banking Group is 24% owned by the taxpayer. Credit: Stefan Rousseau/PA Wire

The payments to the three million shareholders will total £535 million after the fourfold rise in annual profits.

£1.8bn
Lloyds Banking Group's annual profits.
£130m
The amount the Treasury will receive as part of the banking group's dividend payment.

Lloyds was rescued after an input of £20 billion taxpayer funds in 2008 at the height of the financial crisis.

The Government's 40% stake has since been reduced to 24%, meaning the Treasury will receive £130 million from the company's 0.75p a share dividend payment.

Lloyds share sale nets Treasury another £500 million

The Government has netted another £500 million from the sale of shares in Lloyds Banking Group, it was revealed today.

Tax payer owned Lloyds share sale nets Treasury £500 million Credit: Stefan Rousseau/PA Wire

The transactions mean the UK taxpayer now holds a 23.9% stake in the bank, compared with 40% when it was bailed out during the financial crisis.

The amount of money recovered from the bank is now just under £8 billion after the latest round of share sales was launched in December.

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Cable to urge banks to keep last branches in towns open

Business Secretary Vince Cable is set to write to big banks urging them to keep branches open in towns where there are no other banks open.

It follows an announcement from state-backed Lloyds bank that it is going to close 150 branches and make 9,000 staff redundant.

ITV News Business Editor Joel Hills is following developments.

Unite union: 'Deeply unsettling times for Lloyds staff'

The Unite union has said that job losses announced by the Lloyds Banking group represent "deeply unsettling times" for staff.

Unite union: 'Deeply unsettling times for Lloyds staff'. Credit: PA

These are deeply unsettling times for Lloyds staff, who, after days of speculation and leaks, face yet another round of job cuts and a future of uncertainty.

Job cuts of approximately 10% could have unknown consequences on customer service and will put even more pressure on staff who have helped get the bank back on the right track.

– Rob MacGregor, national officer of the Unite union
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