Lloyds director buys

Lloyds Banking Group non-exec Timothy Ryan has purchased 20,000 shares in the bank.

Ryan paid 94p per share, taking the total cost of the purchase to nearly £19,000. The group did not reveal his current holdings.

Yesterday, the bank confirmed it has agreed with the Treasury to launch a previously announced placing and open offer on 20 May. The proceeds will be used to redeem the 4bn of preference shares held by the Treasury.

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Existing shareholders will be able to subscribe for 0.6213 new shares for every one held in Lloyds at an offer price of 38.43p.

"Any proceeds raised in the rump placing in excess of the 38.43 pence open offer price will be distributed on a pro rata basis to those shareholders who did not participate in the placing and open offer," said the group.

Lloyds had also announced yesterday that Sir Victor Blank will step down as chairman by June next year. Lord Leitch has been appointed as deputy chairman with immediate effect.

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