Lloyds Banking Group has raised £520m from institutional investors through the sale of 20 per cent of wealth manager St James’s Place.
In a stockmarket announcement this morning, LBG says 101,703,070 shares have been placed at £5.10 per share. The sale is expected to complete on Friday.
From that point, Lloyds will hold a 37 per cent stake in the firm and will continue to have a representative on the SJP board.
Lloyds says: “As a result of the placing, the group will realise a gain on sale of approximately £400m, including the effect of holding the group’s residual stake at fair value.”
The banking group yesterday announced its plans to sell down its 57 per cent stake in SJP.
Lloyds has agreed it will not make any further disposals from its remaining state for one year following the deal.