Lloyds sells remaining stake in St James's Place

Lloyds has finally offloaded its remaining stake in FTSE 250 wealth management group St James's Place (SJP), as it continues its reduction of 'non-core' assets.The bank confirmed on Tuesday morning that it has placed 109m shares at a price of 630p a piece, raising gross proceeds of £680m. This represented the bank's remaining 21% interest in SJP. "Settlement of the Placing will take place on December 13th 2013. Following completion of the Placing, Lloyds will no longer hold any shares in St. James's Place for its own account."Lloyds said that it will realise a gain on sale of around £105m.In a statement late on Monday evening outlining the bank's intention to sell the stake, Chief Executive António Horta-Osório said: "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."Lloyds estimated that the placing will increase its common equity tier-1 capital ratio by around 24 basis points.BC