Lloyds Banking Group, the largest British mortgage lender, will give the U.K. government up to a 75 percent stake in the firm in exchange for a program which will insure 258 billion pounds ($326 billion) of assets, according to reports.

The bank will convert preference shares in to ordinary stock, paying 16 billion pounds to participate in the government program, people familiar with the matter told Bloomberg.

The government’s voting stake in the bank could raise to 60 percent from 43 percent, a person told Reuters.

A confirmation of the deal is expected to be released Saturday, Reuters reported.

United kingdom