Lloyds confirms £500m German disposal

By MARTIN FLANAGAN
Published 21st Aug 2013, 09:13 BST
Lloyds Banking Group sold off the German business as it looks to slim down its international presence. Picture: PALloyds Banking Group sold off the German business as it looks to slim down its international presence. Picture: PA
Lloyds Banking Group sold off the German business as it looks to slim down its international presence. Picture: PA
LLOYDS Banking Group offloaded some £500 million worth of assets yesterday to beef up its balance sheet amid more stringent regulatory capital rules for the sector.

The bank – near-40 per cent owned by the taxpayer following a £20 billion bailout in 2008 – sold its German life insurance business Heidelberger Leben for £250m and a portfolio of loans for £254m.

The sales came after the Bank of England told Lloyds’ chief executive Antonio Horta-Osorio last June that he had to find £8.6bn extra against potential provisions for any future losses, regulatory fines and redress for product mis-selling.

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