Lloyds Banking Group expects to raise about £520m from the sale of part of its stake in wealth manager St James's Place (SJP).
Lloyds, which announced on Monday that it intends to sell just over a third of its total 57% stake in the business, has placed 101,703,070 shares at a price of 510p per share.
The gross proceeds of the placing are approximately £520m.
Settlement of the placing will take place on 15 March and, on completion, Lloyds will hold about 37% of SJP's issued share capital.
Lloyds has agreed with BofA Merrill Lynch that, for a period of one year following completion of the share placing, it will not make any further disposals from its remaining holding in SJP, whose chief executive is David Bellamy (pictured).
The bank signalled its intention to sell SJP shares "to simplify the group and focus on its core customer franchise".
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