The remaining government shareholding is now less than 6% and below the level of the next largest shareholder.
Chancellor Philip Hammond said: “Returning Lloyds to the private sector and recovering all of the cash the taxpayer injected into the bank during the financial crisis is a priority for the government.
“Confirmation that we are no longer the largest shareholder in the bank and that we’ve now recouped over £18bn for UK taxpayers is further evidence that we are on track to recover all of the £20bn injected into the bank during the financial crisis.”
Sales of the government’s Lloyds shares have been progressing steadily with the last sale announced in December. The trading plan, extended in October last year, will run until October this year.
All proceeds from the sale will go towards reducing the national debt, the Treasury said.
