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UK Financial Investments (UKFI) was a
limited company In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. In a company limited by shares, the li ...
set up in November 2008 and mandated by the
British government ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_est ...
to manage
HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a Departments of the Government of the United Kingdom, department of Government of the United Kingdom, His Majesty's Government ...
's shareholdings in the
Royal Bank of Scotland Group NatWest Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance an ...
(RBS) and in
UK Asset Resolution UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts (near Bradford & Bingley's former headquarters in Bingley). It was established in October 2010 as a bad b ...
, which held the residual assets of NRAM plc and
Bradford & Bingley Bradford & Bingley plc was a British bank with headquarters in the West Yorkshire town of Bingley. The bank was formed in December 2000 by demutualisation of the Bradford & Bingley Building Society following a vote of the building society's mem ...
. UKFI formerly managed the British government's shares in
Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Ban ...
, until the government confirmed that all its shares had been sold on 17 May 2017. It also previously owned Northern Rock, until that company was taken over by
Virgin Money Virgin Money is a financial services brand used by two independent brand-licensees worldwide from the Virgin Group. Virgin Money branded services are currently available in Australia and the United Kingdom. The brand formerly operated in South A ...
on 1 January 2012. UKFI ceased trading on 31 March 2018, and its business and assets were transferred to
UK Government Investments UK Government Investments (UKGI) is a company owned by the Government of the United Kingdom which combines the former functions of the Shareholder Executive and UK Financial Investments based in London, England. UKGI manages a portfolio of 17 ...
, a limited company wholly owned by HM Treasury.


History

In November 2008, UK Financial Investments was established as part of the UK's response to the financial crisis. In 2015 UKFI and the Shareholder Executive became subsidiaries of UK Government Investments and in April 2016 both were merged.


RBS

On 3 November 2009, the government injected further capital into RBS in particular, which resulted in HM Treasury's shareholdings in that company rising from 70% to 83%. Since then, the proportion of those shareholdings have fallen slightly to 80%, as of end-March 2014, because of new issues of shares to other shareholders during the past few years. The government's stake had further decreased to 78.3% by August 2015. That month, UKFI disposed of 5.4% of their shareholding in RBS. As of April 2020 the shareholding is 62%.


Lloyds

HM Treasury's shareholdings in Lloyds dropped from 43% to 41% in February 2010 after it issued 3.14 billion new shares, and dropped again in 2013 from 39% to 33% after it sold £3.2 billion worth of shares. A trading plan of incremental sales during 2015 reduced the stake to below 10% by the end of October. Sales resumed in November 2016, as the holding was reduced to 7.99%. By mid-March 2017, the holding was 2.95% and by late April it was just 0.89%.


See also

* 2008 United Kingdom bank rescue package * 2008 Liechtenstein tax affair


References


External links

* *
WhatDoTheyKnow.com: UK Financial Investments Ltd
Freedom of Information requests {{authority control Government-owned companies of the United Kingdom HM Treasury Financial services companies of the United Kingdom Northern Rock British companies established in 2008 2008 establishments in the United Kingdom Investment in the United Kingdom Financial services companies established in 2008