Lloyds Banking Group would sell its loan asset portfolio in Australia to Sankaty Advisors. The portfolio from its BOS International Australia unit was valued at AUD 371 million or USD 335.74 million. A spokesman for Sankaty Advisors, however, did not give any financial details about the transaction. Sankaty Advisors is owned by Bain Capital.
The Britain-based banking group had earlier said that it would be exiting the Australian market. The sale of the loan portfolio is one of its exit strategies. Another source familiar with the matter also disclosed that Lloyds was also considering selling its entire business in Australia. The business includes Capital Finance, a firm that provides leases the motor vehicles and equipment. A spokesman for the bank, however, would not confirm if other sales are in the offing.
Lloyds had also said that it would reduce its international outlets to less than ten countries from its current fourteen branches by next year. The banking group added that the exits would enable it to shore up its balance sheets and reduce costs.
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