SJP heaps pressure on Lloyds to sell stake
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St James’s Place has placed further pressure on Lloyds to sell its 60 per cent stake in the business.
According to The Telegraph, shareholders are concerned that the company is not delivering to its potential under Lloyds, while the company’s board has instructed Lazard to assess options should the banking group look to add SJP to the number of assets it wishes to sell.
The move comes as SJP is expected to announce an operating profit of £99m, almost double the £54m from last year.
The pressure comes for Lloyds to convert the stake to cash as Basle II requirement rules will in time no longer recognise the SJP stake as Tier 1 capital. Lloyds is looking to raise the measure to protect itself against future financial crises.
Speaking to The Telegraph an SJP spokesperson said: “Lloyds have many things on their plate at the moment. Of course there is ownership uncertainty, but the business is performing well and ensuring that continues is where management focus is.”
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