Chancellor George Osborne announced plans to sell off more of the government’s share in Lloyds (LON:LLOY) bank.

UK Financial Investments, the company that holds the goverment’s stakes in both Lloyds and RBS, has reduced it’s holding to 12.97%.

George Osborne was quoted as saying that he hopes the sale of the UK government’s shares in Lloyds Banking Group will soon be completed.

“My view is that we want the government out of the banking system in the UK,” Reuters agency reported him as saying.

“I hope that [Lloyds] will be complete within the year.”.

The government began selling off the 43% stake in September 2013, after the government bailed the bank out with £20.5bn after the financial crisis. The banking group is currently trading down 2.73 percent at 73.78 pence per share.