LONDON, Nov 27 (Reuters) - A top banker has been recruited from Merrill
Lynch to handle the sale of Britain's investment of up to 28 billion pounds
($43.2 billion) in a trio of banks, the company set up to manage the holdings
said on Thursday.
UK Financial Investments (UKFI), set up to manage the government's
shareholding in Royal Bank of Scotland, Lloyds TSB and HBOS, named John Crompton
as head of market investments.
Crompton will be responsible for devising and executing a strategy for
selling the stakes when appropriate.
He joins from Merrill, which he joined last year as managing director and
head of equity capital markets for EMEA. He has 20 years' experience of capital
markets and was previously at Morgan Stanley, and spent two years on secondment
to the UK Treasury from 2005 to 2007.
Britain last month underwrote share offers as part of last month's 37
billion pound bank rescue plan. It is likely to see the state buy 15 billion
pounds of RBS shares, giving it a 58 percent stake, and buy up to 13 billion
pounds of shares in the combined Lloyds/HBOS, or a 43 percent holding.
(Reporting by Steve Slater; Editing by David Cowell) ($1=.6476 Pound)
Keywords: BRITAIN/BANKS STAKES
(steve.slater@reuters.com; +44 207 542 4367; Reuters Messaging:
steve.slater.reuters.com@reuters.net)
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