Lloyds Banking to Sell Irish Residential Mortgage Portfolio to Barclays for GBP4 Billion

Date : 05/18/2018 @ 2:48AM
Source : Dow Jones News
Stock : Barclays (BCS)
Quote : 11.18  0.0 (0.00%) @ 6:28AM

Lloyds Banking to Sell Irish Residential Mortgage Portfolio to Barclays for GBP4 Billion

Lloyds (LSE:LLOY)
Historical Stock Chart

1 Month : From Apr 2018 to May 2018

Click Here for more Lloyds Charts.
   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.

Latest BCS Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.