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Wednesday, Aug 21
Lloyds to sell over £500M worth of assets
- Lloyds (LYG) has agreed to sell German life insurer unit Heidelberger Leben for £250M to a joint venture of private equity group Cinven and Hannover Re.
- The U.K. bank expects the sale to lead to a loss on disposal of around £330M, but combined with other divestments, should strengthen the group's common equity tier 1 capital by around £400M.
- The deal is part of Lloyds' strategy of "rationalizing its international presence." (PR)
- Separately, Lloyds has also agreed to sell a portfolio of leveraged loans to Goldman Sachs (GS) unit ELQ Investors II for at least £254M. The portfolio mainly comprises U.K.-based assets in a range of sectors, including manufacturing and retail. (PR)