Lloyds to sell remaining SJP stake

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 it...