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Lloyds sells off £1bn portfolio
LLOYDS Banking Group has agreed to sell a £1.05bn portfolio of private equity-linked investments to Coller International Partners, it announced last night.
Coller is buying the portfolio for £1.03bn in cash. The deal includes the transfer of undrawn commitments that are expected to be worth £220m at completion.
The loss-making portfolio, which Lloyds is selling as part of its non-core asset disposal plan, is made up of 71 investments in various private equity and mezzanine funds. The bank acquired the assets during its ill-fated takeover of HBOS in 2008.