Bank raises £344 million
Lloyds sells entire holding in Standard Life Aberdeen
Lloyds and Standard Life Aberdeen are in a stand-off over mandate (photo by Terry Murden)
Lloyds Banking Group has raised £344 million after selling its remaining 97.7 million shares in Standard Life Aberdeen.
The sale of the holding, representing 3.3% of SLA, comes just weeks after Lloyds said it would be withdrawing its £109 billion Scottish Widows mandate from the asset manager.
It said that decision was based on competition concerns following the £11bn merger of Aberdeen Asset Management and Standard Life.
Today Lloyds Banking Group said it had sold its Standard Life Aberdeen shares at 352.5p per share raising aggregate gross sale proceeds of £344m.
Plans for an insurance partnership between Lloyds and SLA also fell through earlier this year and SLA has since sold its insurance business to Phoenix.
SLA is still hopeful that Lloyds will reverse the cancellation of the mandate, saying last month it did not agree it posed a competition threat.
Bank of America Merrill Lynch handled the sale of shares.