Lloyds to sell Spanish retail division
April 30 , 2013
Lloyds Banking Group announced on Monday that it is to sell its Spanish retail banking business to Banco Sabadell in exchange for a 1.8 percent stake in the Spanish bank.
The stake, which Lloyds will hold for at least two years, is worth $110 million.
The deal also includes the transfer of $2.3 billion of assets. Lloyds added that its corporate banking division was not part of the deal.
Banco Sabadell posted a loss of $66 million last year.
Lloyds said it stands to make a loss of $386 million as a result of the sale. The move comes as part of Lloyds’ strategy to reduce its international presence.