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Lloyds to sell remaining stake in St James's Place
December 9, 2013 / 5:07 PM / 4 years ago

Lloyds to sell remaining stake in St James's Place

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.

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

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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