Lloyds Banking Group could be about to sell its entire stake in St James's Place.
According to The Independent on Sunday, Lloyds plans to sell its 60% interest in the tied-adviser as part of plans to return to profit in 2010. St James's Place made an operating profit of £229m in 2009, well ahead of analysts' expectations. Its share price has increased by almost 50% to 249.3p over the past twelve months. Lloyds is also thought to be planning a sale of other brands, to comply with EU competition laws and help repay its substantial Government loans. The bank refused to comment on whether it would sell it stake in St James's Place.
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