Lloyds Banking Group is set to sell a 12% stake in wealth manager St James's Place (SJP) and take £390m, according to The Sunday Times.
The paper said the taxpayer-backed bank is keen to reduce its 22% holding in SJP - it wants to cut back to less than 10%. It said a lock-up agreement which stops the lender selling the shares expires on Monday.
The report said Lloyds had been boosting its capital position of late. Last week it confirmed the sale of Scottish Widows Investment Management to Aberdeen Asset Management. It has also withdrawn from Australia and is selling off European property portfolios.
The report said Lloyds bought into SJP after rescuing HBOS in 2008. It sold off significant numbers of shares on two occasions, going from 57% to 22%, and raising £1bn.
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