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Lloyds Banking Group PLC Sells Assets For £504m

The shares of Lloyds Banking (LSE: LLOY) (NYSE: LYG.US) advanced 0.2p to 74p during early trade this morning after the bank announced the sale of its German life insurance business and a portfolio of leveraged loans.

The FTSE 100 member said it would sell Heidelberger Leben to a joint-venture company owned by Cinven Partners and Hannover Ruck for a cash consideration of around £250m.

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The bank also revealed it would sell a collection of loans with gross assets of £283m to Goldman Sachs for £254m.

Lloyds said the senior management at Heidelberger would move with the business following the completion of the sale, which is due in early 2014. The bank added that the sale of the German subsidiary involved gross assets of £7.2bn and would create a £330m accounting loss in the 2013 group annual results.

Lloyds confirmed the loan portfolio had generated profits of £11m during 2012 and would be sold by next month.

The proceeds from both disposals would be used for “general corporate purposes” and will increase the bank’s core tier 1 capital ratio.

Earlier this month, interim results from Lloyds indicated the bank was now aiming for a core tier 1 ratio above 10% by the end of the year.

The half-year figures also revealed a tangible net asset value of 54.6p per share.

Of course, whether that asset value and today’s disposal news combine to make Lloyds a ‘buy’ remains something only you can decide.

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> Maynard does not own any share mentioned in this article.

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