View the article online at http://citywire.co.uk/new-model-adviser/article/a723654
Lloyds raises £680m through SJP share sale
by Daniel Grote on Dec 10, 2013 at 07:43
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 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.'
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