Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Lloyds to sell remaining 21% stake in SJP

Lloyds to sell remaining 21% stake in SJP

Lloyds is to sell its remaining 21% stake in St. James's Place (SJP), which is expected to net a £95 million gain.

In a stock market announcement, the bank said the move follows the expiry of the 180 unwaivable lock up period agreed between Lloyds and BofA Merrill Lynch (BofAML) at the time of its last share sale back in May. Lloyds will seek institutional shareholders for the placing and the price will be agreed between Lloyds and BofAML at the close of the bookbuilding process.

Lloyds has been reducing its holding in SJP througout the year as part of its strategy to offload non-core assets and strengthen its balance sheet. It sold a 20% stake in the wealth manager in March for £520 million and a further 15% in May, raising £450 million gross with the two sales reducing its holding from 57% to 21%.

The upcoming sale will push the total proceeeds from Lloyds' sale of SJP to over £1 billion.

The forthcoming placing will increase Lloyds tier 1 capital by around £670 million, equivalent to a 24 basis point uplift.

Lloyds chief executive Antonio Horta-Osorio (pictured) said: '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 St. James's Place releases further resources and represents another step towards refocusing this business on its core customers.'

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: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter