It reduced the Government's stake to 5 percent from 29 percent.

In 1989, Shearson reduced its stake to the current 28 percent.

Lorenzo had reduced his stake in the company to 24 percent and said that he would only serve on its board.

Management is also reducing its stake, to 8 percent from 10 percent.

Brascan reduced its stake in the new company to 20%.

The Government has reduced its stake from 50.8 percent to 13 percent.

He has agreed to reduce his stake in the company to 10 percent, from 30 percent.

After five years, a bank has to reduce its stake to 25 percent or less.

He added: "The best they seem to do here is reduce their stake.

The drop reduced his personal stake in the company by about $1.2 billion.