Lloyds Banking Group is plotting to raise £1bn through a sale of its 60% stake in Britains biggest chain of financial advisers
Lloyds Banking Group is plotting to raise £1bn through a sale of its 60% stake in Britains biggest chain of financial advisers.
The banks majority holding in St Jamess Place Wealth Management could be placed with investors in the market before the year-end.
Antonio Lorenzo, the banks strategy director, is leading the disposal plan, which comes as Lloyds faces renewed scrutiny from the Financial Services Authority (FSA) over its capital position.
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 Jamess Place holding could ease the FSAs concerns. The advisers 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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