Legal & General buys CALA stake from Lloyds

Financial services giant Legal & General (L&G) has bought a large interest in a major British home builder from Lloyds Banking Group, marking the group's first direct investment of this kind.

Financial services giant Legal & General (L&G) has bought a large interest in a major British home builder from Lloyds Banking Group, marking the group's first direct investment of this kind.

L&G, which provides protection, annuities, savings and investment management products in the UK, said in a statement on Monday morning that it has bought a 46.5% equity stake in CALA Group for £65m.

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