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July 06, 2013 AT 3:31 PM
Former Standard Chartered chief executive Mervyn Davies is forming a consortium of sovereign wealth funds and financial institutions to buy as much as half of Britain's 20 billion pound ($29.77 billion) stake in Lloyds Banking Group , Sky News reported. Davies approached Britain's Treasury several months ago about his plan to buy as much as half of the British taxpayer's 39 percent share in Lloyds, Sky said on Saturday citing insiders. U.S.