Lloyds raises £332m through sale

5th Jul 2010 07:06

Part-nationalised lender Lloyds Banking Group is offloading a portfolio of 40 private equity investments in its Bank of Scotland Integrated Finance (BoSIF) unit to a newly formed joint venture.The new joint venture, called Cavendish Square Partners LP, will be majority owned by private equity investor Coller Capital, with Lloyds Banking Group retaining a stake of around 30%.Coller is paying £332m in cash for its stake. The deal comes at the end of a competitive tender process.The companies in the portfolio are UK headquartered trading businesses across a range of industry sectors and the group's retained stake will ensure that it will share in any potential future investment upside.Lloyds said the divestment was in line with its strategy of selling non-core assets. Over the last 12 months the group has raised more than £750m through sales of non-core assets.