17:21 12 March 2013
Lloyds Banking Group is supposedly set to make up to £400million if they sell part of their share in St. James’s Place. Plans to sell 20per cent of the stake emerged on Monday, 11th March, according to media reports. However, the figure would depend on an agreed sale price.
It is believed that the group would hold onto 37per cent of their stake in St. James’s Place however, although Lloyds would no longer take the firms results into account once the share is sold, The Telegraph have explained in their report.
The share, which was gained by the banking firm when HBOS came under Lloyds in 2008, has recently been discussed by investors and the like as there have been rumours that the sale could occur.
It is thought that the Bank of America Merrill Lynch would be responsible for the business of selling the share.
News on the prospect of Lloyd’s making millions from the sale comes shortly after the group posted a £570million loss for 2012. However, this figure was up enormously from the previous year, where they reported a loss of £3.5billion.
Lloyds, which is almost 40per cent owned by the state, suffered from allocating funds for mis-selling last year. This was among a wave of events that affected some UK banks, including the mis-selling of Payment Protection Insurance (PPI) as well as the Libor scandal.
St. James’s Place, which is based in the UK, is a wealth management company.
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