UK government takes majority stake in bank

The UK government confirmed Saturday that it will take majority control of Lloyds Banking Group, with the taxpayer owning 65 percent of voting shares in return for insuring £260 billion ($366 billion) of the group’s toxic assets. The British Press Association reported that the deal with the Treasury would see Lloyds commit to lend at least £28 billion ($40 billion) over the next two years.

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