Lloyds puts 20% stake in SJP up for sale

Lloyds has put a 20% stake in wealth manager St James's Place up for sale, the bank confirmed this afternoon.

The bank signalled its intention to sell 102 million of its shares "to simplify the group and focus on its core customer franchise", according to a stock exchange announcement. Lloyds said institutional shareholders will be sought for the placing by BofA Merrill Lynch (BofAML) through an accelerated bookbuild. The price at which the shares are to be placed will be agreed by Lloyds and BofAML at the close of the bookbuilding process. Assuming Lloyds sells the full amount, it will then hold around 37% of the advisory firm. It will hold this position for at least a year. It will al...