Lloyds Banking Group PLC (LLOY. LN), the U.K. Bank that is partly owned by the U.K. Government, said Friday it has reached an agreement to sell the Halifax Estate Agencies Ltd. business which operates through a network of 218 offices, including 93 franchise operations, to LSL Property Services PLC (LSL.LN) for GBP1.

MAIN FACTS:

-The proposed transaction is expected to complete in January 2010.

-Sale isn't expect to have a material effect on the Lloyds Banking Group accounts.

-121 Halifax banking counters located within the estate agent offices will close early in the New Year, affecting up to 460 colleagues and the loss of 360 full time roles.

-The Halifax retail branch network is unaffected by sale and continues to operate as usual.

-Lloyds is committed to a multi-brand strategy for its banking business and Halifax is one of Lloyds Banking Group's key relationship brands.

-Halifax bank branches will continue to operate on the high street in England and Wales alongside Lloyds TSB and Lloyds is focused on growing and developing the Halifax business.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Lsl Property Services Charts.
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Lsl Property Services Charts.