December 9, 2013 / 5:07 PM / 4 years ago

Lloyds to sell remaining stake in St James's Place

A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph.Stefan Wermuth/Files

LONDON (Reuters) - Lloyds Banking Group (LLOY.L) said on Monday it would sell its remaining 21 percent stake in wealth manager St James's Place (SJP.L) to bolster its capital.

It said that, under full Basel III capital rules the placing would increase its common equity Tier 1 capital by about 670 million pounds ($1.1 billion), or 24 basis points.

Lloyds said it will sell 109 million shares to institutional shareholders. The stake is worth around 700 million pounds.

($1 = 0.6103 British pounds)

Reporting by Matt Scuffham; Editing by Steve Slater

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