UK government invites bankers to submit advisory bids for Lloyds and RBS

RBS building

The U.K. government is asking investment banks to submit offers to advise on the sale of Royal Bank of Scotland and Lloyds Banking Group, a position currently held by JPMorgan, two people with knowledge of the matter said.

Bloomberg News reports that U.K. Financial Investments Ltd., which manages the taxpayer’s stakes in bailed-out banks, is re-tendering the position of privatization strategy adviser held by JPMorgan, said the people, who asked not to be identified because the details are private.

Prime Minister David Cameron’s Conservatives, who won a surprise majority in the U.K. general election last week, have vowed to sell shares in Lloyds to the public at a discount and return RBS to the private sector as soon as possible.

To access the complete Bloomberg News article hit the link below:

U.K. Said to Review JPMorgan Role for RBS, Lloyds Stake Sales

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