Lloyds To Sell Crest Nicholson Stake

Law360, New York (September 9, 2010, 5:23 PM EDT) -- British banking giant Lloyds Banking Group PLC revealed Thursday that it had agreed to sell off its stake in homebuilder Crest Nicholson in a bid to shed noncore assets and refocus on its core lending activities.

Lloyds spokeswoman Beth Longcroft confirmed to Law360 that the company had reached an agreement in principle to sell its debt and equity stake in Crest Nicholson for a cash consideration, without specifying the value of the sale or the buyer's identity.

“We have a long-term relationship with Crest Nicholson,” Longcroft...
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