Former Standard Chartered chief executive Mervyn Davies is forming a consortium of sovereign wealth funds and financial institutions to purchase as much as half of Britain's 20 billion pound ($29.77 billion) stake in Lloyds Banking Group, Sky News reported. Davies approached Britain's Treasury several months ago about his plan to buy as much as half of the British taxpayer's 39 percent share in Lloyds, Sky said on Saturday citing insiders.U.S. private equity firm Corsair Capital, where Davies is a partner, will be part of the consortium but will not buy the stake on its own, Sky said, adding the deal will be structured to acquire the Lloyds stake close to the current share price.Shares in Lloyds closed at 6463 pence on Friday, valuing the bank at about 47 billion pounds.Sky said investors such as Standard Life Investments had been approached about participating in the deal, while banks HSBC and JP Morgan were helping Davies structure and finance the transaction.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI traded higher by 3.99% or $0.8/share to $20.83. In the past year, the shares have traded as low as $16.50 and as high as $20.93. On average, 26527 shares of FISI exchange hands on a given day and today's volume is recorded at 24406.
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