Lloyds 'set to sell' 12% stake in SJP

Lloyds Banking Group is set to sell a further 12% stake in wealth manager St James's Place (SJP) for £390m, according to reports.

The Sunday Times said the taxpayer-backed bank is keen to reduce its 22% holding in SJP to around 10%. It said a lock-up agreement which stops the lender selling the shares expires on Monday. Lloyds had been boosting its capital position of late, last week confirming the sale of Scottish Widows Investment Management (SWIP) to Aberdeen Asset Management. It has also withdrawn from Australia and is selling off European property portfolios. It inherited a position in SJP following its rescue of HBOS in 2008. SJP has performed very well for the bank - shares are up more than 300% from l...