Lloyds Raises £685M In St. James Share Selloff

Law360, New York (December 10, 2013, 5:31 PM EST) -- Lloyds Banking Group PLC sold off its remaining shares of St. James’s Place Wealth Management Group PLC, allowing the English financial services group to raise roughly £685 million ($942 million) in capital Tuesday as it continues to recover from the financial crisis.

After announcing plans to ditch its stake in St. James’s Monday, Lloyds sold 109 million shares priced at £6.30 each, generating a gain of about £105 million to the financial services group, according to a statement.

The placing of the shares is expected to...
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