Lloyds plans £1bn sale of 60% St James's Place stake-reports

Lloyds Banking Group is hoping to raise £1bn from the sale of its 60% stake in St James's Place Wealth Management(SJP), according to reports.

A placing could be made before the end of the year, but Lloyds may delay until early 2013 to allow SJP's profits to be consolidated in the group accounts for another year, according to The Sunday Times. Antonio Lorenzo, the bank's strategy director, is believed to be behind the disposal plan, which comes as Lloyds faces renewed scrutiny from the FSA over its capital position. The bank is currently in a dispute with the regulator over plans to start paying dividends to shareholders for the first time since the financial crisis. Sources close to Lloyds said a sale of the St James's P...