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Shares in British banks rose on the FTSE 100 a day after the Chief Executive of Citigroup predicted strong growth for the American bank and said that the US government would be selling its shares in the company this year.
Shares in Citigroup increased 5.6 per cent following the comments from CEO Vikram Pandit at a financial services conference.
In Britain shares in banks also started to rise, with taxpayer funded banks the biggest gainers.
Lloyds Banking Group, which is owned 41 per cent by the taxpayer, saw its shares rise in value 3.64 per cent to 58.60 pence per share by 12:16. RBS, which the government owns an 84 per cent stake in, saw shares increase 4.93 per cent to 42.55 pence per share.
Barclays and HSBC, which did not require bailouts from the British government, performed slightly less well. Shares in Barclays were still up 2.92 per cent to 353.80 pence per share, while HSBS shares declined by 1.24 per cent to 686.00 pence per share.
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