Lloyds Banking Group PLC Explores Sale Of Australian Units; Westpac Banking, Commonwealth Bank of Australia, National Australia Bank, ANZ Banking, Macquarie Group Are Among Potential Buyers-DJ


Tuesday, 23 Jul 2013 03:56am EDT 

Dow Jones reported that Lloyds Banking Group PLC is exploring the sale of its asset finance and commercial lending units in Australia. The bank has sounded out potential suitors of its commercial lending unit BOS International and its asset finance unit Capital Finance, and a formal process has been launched. Thus, Westpac Banking Corp, Commonwealth Bank of Australia, National Australia Bank and ANZ Banking Group are among that unit's potential buyers. Other potential buyers of Capital Finance include Macquarie Group Ltd. If the sale of the two units proceeds, Lloyds will be left with a financial markets division in Australia, which provides services including foreign exchange hedging and interest rate swaps to clients. As a result, Lloyds is also seeking to sell other non-core assets including USD8.7 billion of U.S. mortgage securities and asset-management unit Scottish Widows Investment Partnership. Goldman is also advising Lloyds on the sale of its Australian units. 

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