Lloyds Banking Group has sold its remaining 21 per cent stake in St James’s Place for £680m
The move follows the expiry of the 180-day unwaivable lock-up period during which Lloyds could not dispose of further stakes in the advice firm.
Bank of America Merrill Lynch is seeking institutional buyers for 109 million ordinary shares. The shares have been placed on the London Stock Exchange at a price of 630 pence per share, meaning Lloyds will realise a gain of around £105m from the sale.
Lloyds Banking Group chief executive António Horta-Osório says: “The group launched its strategy in 2011 to reshape the business to concentrate on its core UK retail and commercial banking customers.
”As part of that approach, the group has been reducing non-core businesses and addressing historic issues, while focusing on increasing net lending to its core segments. The sale of the remaining stake in SJP releases further resources and represents another step towards refocusing this business on its core customers.”