Government To Sell Banks To Foreigners?
Published / Last Updated on 19/05/2009
Government To Sell Banks To Foreigners?
UK Financial Investments (UKFI) the body set up by Government when it took control to nationalise and own many British banks is now actively seeking buyers for their shares in a bid to return banks to private ownership.
UKFI has a 100% in Northern Rock, a 70% Share in Royal Bank of Scotland and a 40% share in Lloyds Banking Group and is now actively seeking to sell tranches of its holdings over the next few years.
UKFI is believed to be considering and is approaching many overseas operations which will no doubt lead to British Banks being owned by overseas operations. We suggest the potential of selling to the ‘highest foreign bidder’ is a very bad move and will lead to much less stability of the UK economy in the decades and indeed centuries to come.
Do not do it! We would rather then be state owned.
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