Deals
Lloyds to Reap $596 Million From St. James’s Stake Sale
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Lloyds Banking Group Plc will reap a gain of 400 million pounds ($596 million) from the sale of part of its stake in St. James’s Place Plc as U.K. lenders face pressure from regulators to bolster capital.
Britain’s biggest mortgage lender, which will retain 37 percent of St. James’s Place, sold 102 million shares in the company, realizing a gain at the upper end of its projection of 350 million pounds to 400 million pounds, the London-based bank said in a statement today. The shares sold for 510 pence apiece.