UKFI 'will not sell any more shares in Lloyds for 90 days'

UK Financial Investments, which manages the Government's stakes in Lloyds and Royal Bank of Scotland, said it has agreed not to sell any more shares in the bank for a period of 90 days.

The Treasury announced it will sell six per cent of part-nationalised Lloyds Banking Group, worth about £3.3 billion, via a placing to institutional investors, UKFI announced on Monday.

The sale will reduce the Government's stake in Lloyds to 32.7 percent.