Lloyds to sell Spanish retail division

  • 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.

    Tagged as: Lloyds, Spanish retail division, business news, Business