Lloyds placing 20 percent stake in St James's Place

LONDON, March 11 Mon Mar 11, 2013 12:54pm EDT

LONDON, March 11 (Reuters) - Lloyds Banking Group said on Monday it would sell around a 20 percent stake in British investment manager St James's Place via a placing to institutional investors.

The sale of at least 102 million shares, being run by Bank of America Merrill Lynch, would be worth just under 550 million pounds ($820 million) at St James's Place current share price of 536.5 pence.