Lloyds Banking Group is to sell its remaining 21% stake in St James's Place, netting it a profit of more than £100m.
The bank has placed 109m shares priced at 630p each. Lloyds said it expects to realise a gain of £105m from the sale of the stake, with its common equity tier 1 capital increasing by around £685m. The settlement of the placing will take place on 13 December, after which Lloyds will have completely divested itself of its stake in the wealth manager. The sale follows the expiry of a 180 day lock-up period, agreed between Lloyds and Bank of America Merrill Lynch at the time of the former's previous sale of SJP shares in May. Lloyds sold a 15% stake in May, following on from a 20% s...
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