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Lloyds Banking Group to offload remaining shares in Standard Life Aberdeen

Lloyds Banking Group PLC will dispose of its remaining 97.7 million shares in Standard Life Aberdeen PLC, according to the sole book runner on the deal, Bank of America Merrill Lynch.

The 97.7 million figure represents 3.3% of the total shares of the U.K. asset manager. The final number of shares to be sold and the price per share will be agreed at the end of the bookbuild process, with the results of the deal to be announced as soon as practicable.

The transaction settlement is expected to take place on June 12.

Earlier in 2018, Lloyds ended its contract with Standard Life Aberdeen after a proposed merger of their life insurance operations broke down in December 2017.