Morgan Stanley has joined three other investment banks to win a role selling shares in Lloyds Banking Group on behalf of the UK government – a deal on which none of the banks will receive a fee or charge commission.

The US investment bank was named as a bookrunner on the sale of a 7.5% stake in Lloyds on behalf of UK Financial Investments, which manages the country's holdings in bailed-out banks, in a statement from UKFI this evening.