Sept. 20 (Bloomberg) -- Lloyds Banking Group Plc plans to sell 1 billion pounds ($1.6 billion) of U.K. commercial property loans, two people familiar with the matter said.
JPMorgan Cazenove is handling the sale and has sent a prospectus to potential bidders, according to the people, who declined to be identified because the information isn’t public. Emile Abu-Shakra, a spokesman for Lloyds, declined to comment. A JPMorgan spokesman wasn’t immediately available to comment.
Lloyds is trying to sell assets including property loans as it cleans up its balance sheet following a U.K. government bailout. The state is the bank’s largest shareholder with a stake of about 40 percent.
The Financial Times reported the planned sale earlier today.
--With reporting by Gavin Finch in London. Editors: Ross Larsen, Andrew Blackman.
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