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UKFI to manage Government’s investments in High Street banks

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by Kay Mitchell
UKFI to manage Government's investments in High Street banks

A new company called UK Financial Investments Ltd (UKFI) is to oversee the Government’s shareholdings in the three High Street banks it rescued last month.

It was announced recently that the UK Government is to pump £37 billion into three of the country’s largest banks. £20 billion is to be injected into Royal Bank of Scotland (RBS), while a further £17 billion will be pumped into Lloyds TSB / HBOS.

As a result, taxpayers will own approximately 60% of RBS and 40% of the merged Lloyds TSB / HBOS.

It is expected that the Government will end up with large stakes in RBS and the merged HBOS and Lloyds TSB.

Chancellor, Alistair Darling, said the UKFI will be tasked with maximising value for taxpayers. Meanwhile, UKFI will ultimately manage the Government’s holdings in Bradford & Bingley and Northern Rock.

UKFI will be run by John Kingman, the Treasury official who managed the nationalisations of Northern Rock and Bradford & Bingley and the rescue package of the banking system, while its chair will be Sir Philip Hampton, the Sainsbury’s chairman and former finance director of Lloyds TSB.

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News posted: November 4, 2008

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