Lloyds Banking Inks £500M Asset Sale Deals

Law360, New York (August 21, 2013, 3:29 PM EDT) -- Lloyds Banking Group on Wednesday signed off on the sale of Heidelberger Leben, a German life insurance business, to a private equity-led joint venture for £250 million ($392 million) and a portfolio of leveraged loans for £254 million, according to Lloyds press releases.

The sales are the latest steps taken by the banking group to divest foreign and noncore assets, according to Ross Keany, a Lloyds spokesman. Lloyds, which was bailed out by the British government in 2008, has made its first half-year profit since then earlier...
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