Westpac Banking CorporationNYSE
Oct. 11, 2013, 1:54 AM
- Lloyds (LYG) has agreed to sell its Australian business to Westpac Banking (WBK) for A$1.45B ($1.37B) in a deal that is part of the U.K. bank's strategy of selling assets as it refocuses on its core markets.
- The operations include motor vehicle, equipment and corporate financing, and have a face value of A$8.4B.
- The deal doesn't need regulatory authorization and is expected to be completed by the end of the year. (PR)
Aug. 13, 2013, 3:49 AM
- 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.