Lloyds to sell further share in St James Place

Lloyds Banking Group said it planned to sell a further 15 per cent of its stake in wealth manager St James's Place to swell its equity capital 500m pounds.

Lloyds Banking Group said it planned to sell a further 15 per cent of its stake in wealth manager St James's Place to swell its equity capital 500m pounds.

Lloyds explained that if it placed its 15% stake with buyers, with the shares closing on Wednesday at 640p, the bank would receive £493m, for a capital gain of around £40m on its purchase price that would increase its core tier 1 capital by an equivalent amount.

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