Lloyds Banking Group has finalised a deal to sell a portfolio of leveraged loans worth £500 million ($792.4 million) to private equity company Bain Capital, it has emerged.
Sources with knowledge on the matter have told the Financial Times that the part-nationalised financier is to trade these products - the majority of which are based in the UK - to Bain's Sankaty Advisors Unit in the near future.
Following the global economic downturn, Lloyds has been going through the process of selling off many of its non-core assets as part of its plan to strengthen its balance sheet through restructuring facets of its business.
Indeed, the analysts indicated the firm is also looking to sell a set of shipping loans worth $10 billion in the coming months.
This comes after it emerged last week (14 March) that Lloyds is implementing 1,300 job cuts across several of its divisions, including insurance.
By Gary Cooper