Lloyds Rakes In $420M For Irish Retail Mortgage Portfolio

Law360, New York (December 6, 2013, 11:20 AM EST) -- Lloyds Banking Group PLC said Friday that it has unloaded a portfolio of nonperforming Irish retail mortgages in a £257 million ($420.4 million) sale to an affiliate of New York private equity firm Apollo Global Management LLC, another step in its sprawling divestment plan.

In a brief securities filing, the British lender said that in the first part of next year Tanager Ltd. would take over the assets, whose gross value clocks in at £610 million. For last year, the portfolio generated £33 million in losses....
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