Lloyds Banking Group has sold its final 21 per cent stake in St James’s Place for £680m.
The move follows the exp-iry of the 180-day unwaivable lock-up period following earlier disposals of Lloyds’ SJP stake. It has sold its near 60 per cent stake for around £1.65bn this year, making £838m profit.
Bank of America Merrill Lynch placed the 109 million ordinary shares with institutional investors.
The price of 630 pence per share means Lloyds will realise a gain of around £105m from the sale.
Lloyds Banking Group chief executive António Horta-Osório said: “The sale of the remaining stake in SJP releases further resources and represents another step towards refocusing this business on its core customers.”
SJP chief executive David Bellamy thanked Lloyds for its support and said: “We are equally delighted with the breadth and quality of our new shareholder list and look forward to working with them”.
Plan Money director Peter Chadborn says: “The fact that Lloyds has sold its remaining stake probably gives SJP a bit more freedom to do what it really wants to do but of course, it depends on who the new backers are.”