Lloyds Banking Group is to sell its remaining 21% stake in St James's Place.
The group said it expects to realise a gain of £105m from the sale of the stake, with its common equity tier 1 capital increasing by around £685m.
The sale follows the expiry of a 180 day lock-up period, agreed between Lloyds and Bank of America Merrill Lynch at the time of the former's previous sale of SJP shares in May.
Lloyds sold a 15% stake in May, following on from a 20% stake in March, to bring its holding in the wealth manager down from around 57% to its current level of 21%.
The gross proceeds of those two placings amounted to approximately £970m.
"The group launched its strategy in 2011 to reshape the business to concentrate on its core UK retail and commercial banking customers," said Lloyds group CEO António Horta-Osório (pictured).
"As part of that approach, the group has been reducing non-core businesses and addressing historic issues, while focusing on increasing net lending to its core segments.
"The sale of the remaining stake in St. James's Place releases further resources and represents another step towards refocusing this business on its core customers."
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