Britain will take a stake of up to 75 percent in Lloyds Banking Group Plc after agreeing a deal to cap the bank's losses on about 250 billion pounds of its risky assets, a person familiar with the matter said on Friday.

The deal could see the government's voting stake in Lloyds rise to about 60 percent from 43 percent, the person said, adding the government's economic interest could rise as high as 75 percent under the deal.

Both Lloyds and the Treasury declined to comment.

(Reporting by Sumeet Desai and Steve Slater; Editing by Andre Grenon)