Seeking Alpha

Lloyds set to raise A$1B+ from sale of Aussie units

  • Lloyds (LYG) has reportedly received offers for its asset-finance and commercial-lending units that value the businesses at over A$1B ($912M).
  • Suitors that made preliminary bids include National Australia Bank, Westpac Banking (WBK), ANZ Banking, Commonwealth Bank of Australia (CBAUY.OB) and Macquarie Group (MCQEF.PK). Lloyds will probably cut the shortlist to three by the end of the month.
  • The sale will continue Lloyds' strategy of streamlining its operations and help it plug a capital shortfall identified by U.K. regulators.
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