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.'