Lloyds Banking to Sell Irish Residential Mortgage Portfolio to Barclays for GBP4 Billion
May 18 2018 - 2:48AM
Dow Jones News
By Ian Walker
Lloyds Banking Group PLC (LLOY.LN) said Friday that it is
selling its Irish residential-mortgage portfolio to Barclays PLC
(BARC.LN) for 4 billion pounds ($5.4 billion), as part of its
strategy to become a low-risk, U.K.-focused bank.
Lloyds said the deal is expected to complete in the second half
of this year, and that it will use the money raised for general
corporate purposes.
It said the bank will book a pretax loss of GBP110 million from
the sale in its accounts for the first half.
The portfolio had gross assets of GBP4.3 billion, of which
GBP0.3 billion are impaired, Lloyds said. In the year ended Dec. 31
the portfolio generated a pretax loss of GBP40 million.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 18, 2018 02:33 ET (06:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Sep 2023 to Sep 2024