Lloyds sells Australian assets to Westpac for 0.9bn pounds

11th Oct 2013 07:05

Lloyds Banking Group is to bid farewell to Australia after agreeing the sale of its assets there for 0.9bn pounds to Westpac Banking Corp.The disposal is in line with Lloyds' strategy of rationalising its international business and concentrating on the UK. The deal includes Capital Finance Australia, a provider of motor and equipment asset finance and corporate lending business BOS International (Australia). Together they made a profit of £80m in 2012.The proceeds will be used for "general corporate purposes". Lloyds said that as a result of the deal it expected its common equity core tier one capital ratio to increase by approximately 20 basis points.The sale, which will mark Lloyds' exit from Australia, is expected to be completed by the end of the year.TB