Lloyds offloads private equity unit
Lloyds Banking Group has agreed to sell its private equity unit to buyout firm Coller Capital, bringing sale proceeds in the past year to £750m.
Under the deal, the 40 private equity investments held in Lloyds’ Bank of Scotland Integrated Finance unit will be transferred to a newly created joint venture owned 70 per cent by Coller Capital and 30 per cent by Lloyds.
Lloyds also gets £332m, valuing the entire portfolio at £480m, the bank said.
The impact on Lloyds’ accounts “is not expected to be material,” it added
Truett Tate, Lloyds group executive director, wholesale, said:
“This deal will ensure that we share in any future upside of our investments. We believe that the deal with Coller, a leading private equity investor, provides the investee companies with stability and support over the period ahead. This sale is part of our wider Wholesale Banking strategy of focusing on our core relationship based businesses.”