LDC, formerly the private equity arm of Lloyds TSB, has made a capital gain of more than £13m (€18.9m) by selling a 38% stake in online stockbroker Squaregain to French broker Boursorama in a deal valuing the company at £51.2m.

LDC bought Squaregain in an institutional buy-out along with Numis Securities and management in June 2004. German banking group Comdirect was the seller.