Lloyds flogs Australian loan portfolio
Lloyds Banking Group is to sell a portfolio of Australian real estate loans for 388m pounds.
Lloyds Banking Group is to sell a portfolio of Australian real estate loans for 388m pounds.
The collection of loans, made to the corporate sector, was for a total £809m but generated losses of £183m in the 12 months to the end of December 2011.
The buyer is AET SPV Management, a joint venture between Morgan Stanley and Blackstone.
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
Lloyds says the impact of the transaction "is not material due to the existing provisions taken against these assets."
Lloyds, which is around 40% owned by the British taxpayer following a bailout in 2009, says the sale proceeds will be used to repay debt.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How taking a two-year career break could leave a £26k hole in your pension
Career breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storage
Selling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits