Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds makes £105m profit from final SJP exit

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter