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View the article online at http://citywire.co.uk/wealth-manager/article/a723655

Lloyds makes £105m profit from final SJP exit

by Dylan Lobo on Dec 10, 2013 at 07:47

Lloyds makes £105m profit from final SJP exit

Lloyds is to make a £105 million profit from the sale of its remaining 21% stake in St James’s Place.

In a follow-up statement to yesterday’s announcement it was disposing of the interest, the bank said the 109 million shares will be placed at £630p a share, boosting the bank’s common equity tier 1 capital by approximately £685 million.

The disposal is the third and final stage in the bank’s exit from the wealth management business.

The exit started in March, when Lloyds made a profit of £400 million after a placing of 23% at 510p per share. This was followed by a second placing in May of 77 million shares at 580p, making the bank an additional profit of £40 million.

In total Lloyds, which inherited the 60% stake in the business on its rescue of HBOS in 2008, has made profit of £540 million from SJP.

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