| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: BANKS |
Wed 06 Jun 2012
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 | | LONDON (SHARECAST) - Lloyds Banking Group is to sell a portfolio of Australian real estate loans for 388m pounds.
The collection of loans, made to the corporate sector, was for a total £809m but generated losses of £183m in the 12 months to the end of December 2011.
The buyer is AET SPV Management, a joint venture between Morgan Stanley and Blackstone.
Lloyds says the impact of the transaction is not material due to the existing provisions taken against these assets.
Lloyds, which is around 40% owned by the British taxpayer following a bailout in 2009, says the sale proceeds will be used to repay debt.
BS
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