The Wall Street Journal reported that Lloyds Banking Group had received offers amounting to over USD 918 million for its Australian units. The British bank, which is already partly-nationalized, got the bids for its asset finance and commercial lending operations. Lloyds would be selling Capital Finance, its motor and equipment-leasing business and BOS International, its commercial lender.
The WSJ report also revealed that the initial bids came from National Australia Bank, Westpac Banking Corp, ANZ Banking Group, Commonwealth Bank of Australia and Macquarie Group. The report further stated that Lloyds would most likely be shortlisting three possible buyers within the month and that a transaction would be finalized by the end of the year. Lloyds, however, did not comment on the newspaper report.
The British bank's sale of its non-core assets is part of its preparations to exit the Australian market. The company will be focusing on providing loans to businesses and households in the UK.
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