Australia exit plan to net Lloyds $1bn?

Sydney Harbour Bridge

See ya later poms.

Lloyds has received indicative bids for its Australian asset finance and commercial lending units that value them at $913 million.

Reuters News reports that the part-nationalised bank is preparing to exit the Australian market as part of a turnaround plan to sell non-core assets and focus on lending to British households and businesses.

The British government is also preparing to sell its 39% stake in the country's largest retail bank.

As well as exiting Australia, Lloyds is also selling its motor and equipment-leasing business Capital Finance and commercial lending operation BOS International.

About three buyers are likely to be shortlisted this month and a deal is expected to be struck by December. Lloyds is also planning the sale of a $636m loan portfolio within BOS International and has shortlisted at least five bidders, Reuters reported on August 2.

Goldman Sachs is advising Lloyds on the sales.

Hit the link below to access the complete Reuters article:

Lloyds receives $900 million bids for Australian operations

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image: © Herry Lawford

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