Lloyds Banking Group has taken the first step to getting out of Japan after announcing the sale of its remittance business in the country.
The group, which is 43% owned by the UK taxpayer, is selling GoLloyds to Shinsei Bank
The total assets subject to the transaction with Shinsei Bank total £1.5m as of the end of 2011, it said.
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 group's presence in Japan includes a branch conducting remittance and deposits business.
After it sells the remittance business, Lloyds said it intended to run down its fixed term deposit book in the Japan branch of Lloyds TSB Bank.
The bank said the transaction was in line with the group's strategy of reducing its international presence.
"The impact of the sale on the Group's accounts is not expected to be material," it said.
"The sale of the remittance business to Shinsei Bank is subject to regulatory approval, and is expected to complete during the second half of 2012."
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
