Lloyds disposes of non-core portfolio
Lloyds Banking Group has agreed to sell its portfolio of UK commercial real estate loans to Promontoria Thames, which is affiliated to Cerberus Global Investments.
Lloyds Banking Group has agreed to sell its portfolio of UK commercial real estate loans to Promontoria Thames, which is affiliated to Cerberus Global Investments.
The portfolio, which generated losses of £47m in 2012, was sold for £325m as part of the group's non-core asset reduction.
In a statement Lloyds said: "The sale proceeds will be used for general corporate purposes and the transaction is not expected to have a material impact on the group due to significant impairment provisions held against the portfolio."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The transaction is expected to complete in the final quarter of 2013.
NR
-
Barclays warns of significant rise in social media investment scams
Investment scam victims are losing an average £14k, with 61% of those falling for one over social media. Here's how to spot one and keep your money safe
By Oojal Dhanjal Published
-
Over a thousand savings accounts now offer inflation-busting rates – how long will they stick around?
The rate of UK inflation slowed again in March, boosting the opportunity for savers to earn real returns on cash in the bank. But you will need to act fast to secure the best deals.
By Katie Williams Published