Lloyds Banking Group has put its remaining stake in wealth management company St James’s Place (SJP) up for sale to boost capital.
Lloyds is selling 109 million shares to institutions such as insurers and pension funds and is expected to make a gain of about £95 million from the sale.
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Bank of America is managing the sale of shares, which are being offered in a range of 625 pence to 630 pence.
The deal is expected to boost Lloyds’ common equity Tier 1 capital by about £670 million (US$1.1 billion), or 24 basis points under full Basel III capital rules.
Antonio Horta-Osorio, CEO of Lloyds, said: "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 St. James’s Place releases further resources and represents another step toward refocusing this business on its core customers," Horta-Osorio added.
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By GlobalDataLloyds previously sold a 20% stake in St James’s Place in March this year and a further 15% in May. The stake in St. James’s Place was inherited from Lloyds’ acquisition of Halifax Bank of Scotland in 2008.
