Bloomberg News

Lloyds Said to Be Selling $1.6 Billion in U.K. Property Loans

September 20, 2011

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.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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