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Lloyds raises £680m through SJP share sale

by Daniel Grote on Dec 10, 2013 at 07:43

Lloyds raises £680m through SJP share sale

Lloyds Banking Group has raised approximately £680 million through the sale of its last remaining stake in national advice group St James’s Place (SJP).

The bank has sold its 21% stake in SJP, at a gain of around £105 million, with the 109 million shares priced at 630p.

Lloyds has been reducing its holding in SJP throughout the year, which had stood at 57%. This is the third placing it has undertaken, after the previous two sales netted around £1 billion.

Lloyds chief executive Antonio Horta Osorio (pictured) said on announcing the placing: 'The group launched its strategy in 2011 to reshape the business to concentrate on its core UK retail and commercial banking customers. As part of that approach, 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 SJP releases further resources and represents another step towards refocusing this business on its core customers.'

7 comments so far. Why not have your say?

Arthur Schopenhauer

Dec 10, 2013 at 08:05

so now its sold do they fall into line on RDR?

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Philip Melville

Dec 10, 2013 at 08:32

Oh I do hope not !

What on earth will you all have to whinge about then ?

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Michael Brown

Dec 10, 2013 at 09:38

As they say "A Leopard never chages its spot" So why would they be compliant like everybody else?

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Philip Wise

Dec 10, 2013 at 12:17

It'd be interesting to know who bought the shares.

Better to be a shareholder than a client!

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Dec 10, 2013 at 16:53

Yes Philip,

+ 1

The shareholders are almost guaranteed to make money, yet no such guarantee can be given to their clients.

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MIca Paris

Dec 11, 2013 at 08:59

.............and an IFA / Financial Adviser can guarantee a client will make money over and above a partner from SJP?

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Arthur Schopenhauer

Dec 11, 2013 at 09:38

@ Mica Charges do have an impact on the the end result and so does a wider appreciation of the market.

SJP provides a well educated committed sales force but by the limitations of its structure and costings has issues in range of product and charges which for many matters little. A great general practitioner but not a specialist

What we find difficult to understand is why there is no level playing field in RDR unless the stated objectives differ from the real objectives then a better understanding is found by watching what people do rather than what they say

So now that HMG has sold off this valuable company will the level field start to bite

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