STATE-backed Lloyds this morning said it had raised £520m gross from the sale of a 20 per cent stake in wealth manager St James’s Place.
The lender sold 101.7m shares for 510p each, reflecting a discount of around five per cent on St James’s closing share price yesterday.
Lloyds will net around £400m profit from the sale, which will shore up the bank’s crucial core tier 1 capital by around £600m.
Settlement of the placing will take place on Friday, and will leave the bank with 185m St James’s Place shares – around 37 per cent of the share capital.
Lloyds, which is 39 per cent state-owned, inherited its stake as a result of its rescue of HBOS during the financial crisis.