Lloyds Banking Group is plotting to raise £1bn through a sale of its 60% stake in Britain’s biggest chain of financial advisers
Lloyds Banking Group is plotting to raise £1bn through a sale of its 60% stake in Britain’s biggest chain of financial advisers.
The bank’s majority holding in St James’s Place Wealth Management could be placed with investors in the market before the year-end.
Antonio Lorenzo, the bank’s strategy director, is leading the disposal plan, which comes as Lloyds faces renewed scrutiny from the Financial Services Authority (FSA) over its capital position.
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Lloyds is at loggerheads with the regulator over plans to start paying dividends to shareholders for the first time since the financial crisis.
Raising cash from a sale of the St James’s Place holding could ease the FSA’s concerns. The adviser’s shares have soared more than 30% over the summer and closed on Friday at 398Åp, which values the firm at £2bn.
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