The part tax payer-owned Lloyds Banking Group raised £450 million by selling 15% of wealth manager St James’s Place.

77 million shares were placed at 580p each, discounted from the closing price on Wednesday of 640p.

Lloyds had agreed not to sell shares in St James’s Place for at least a year following its previous sale in March, but the lock-up was waived on Wednesday by the lead underwriter Bank of America Merrill Lynch.

Lloyds still holds a 21% stake in St. James’s Place and said in a statement today that the lock-up could not be waived again for at least six months.

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