Lloyds raises 680 mln stg from St James's Place sale

LONDON Tue Dec 10, 2013 3:15am EST

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LONDON Dec 10 (Reuters) - Lloyds Banking Group said it raised 680 million pounds from the sale of its remaining 21 percent stake in wealth manager St James's Place, bolstering its capital to help meet tougher new rules.

Lloyds, which is 33 percent-owned by the government, sold around 109 million shares at a price of 630 pence per share to financial institutions, it said on Tuesday.

Lloyds said under full Basel III capital rules the placing would increase its common equity Tier 1 capital by about 685 million pounds, or 24 basis points. The bank will realise a gain of about 105 million from the sale.