Lloyds placing £500m of shares in St James's Place

Lloyds has annonunced its intention to sell 77m ordinary shares in St James's Place, representing 15 per of the company's existing issued ordinary share capital (release). The move will help to see the bank meet its capital requirements, as part of its strategy of non-core asset disposals.

The release said that the sale follows the strong performance of the shares, and the agreement by BofA Merrill Lynch to waive the 365 day lock up agreed when Lloyds undertook a placing in March.

Our banking reporter Tim Wallace: