The bank brought in £450m, below the £500m it had initially targeted. But the sale still represented a £40m profit on its investment in the group.
The sale saw around 77m shares placed at a price of £5.80 each.
It boosts Lloyds’ core tier one capital by £40m and its common equity tier one capital by approximately £500m or 0.16 percentage points.
After settlement next week the banking group will hold 110m shares in the unit, making up roughly 21 per cent of the firm.
The bank previously sold a 20 per cent stake in March and had agreed a 365-day lockup. Following the surprise sale of the additional 15 per cent, it has promised not to sell any of its remaining stake for at least six months.
The bank has been disposing of non-core and overseas assets to re-focus on the UK retail market and to boost its capital ratios.
Lloyds shares fell 3.72 per cent on the day, a bigger dip than the FTSE 100’s 2.1 per cent fall.