SINGAPORE’S giant sovereign wealth fund has made a preliminary approach to the government about buying a £4.5bn stake in Lloyds Banking Group.
Temasek, one of the biggest investors in the financial services sector, is believed to be willing to buy about 10% of the bank’s shares.
Plans to sell the taxpayer’s 39% stake in Lloyds are advancing rapidly. Over a dozen investment banks will submit proposals tomorrow to UK Financial Investments (UKFI), the government body that oversees the taxpayer’s bank shares, on how they would handle the sale. Full story
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