The Australian unit of Lloyds Banking Group has offloaded $1.75 billion of its distressed property loans in Australia and New Zealand, The Wall Street Journal reports. The loans have been sold to Morgan Stanley and Goldman Sachs Group.
Lloyds inherited the debt in 2009 when it acquired HBOS of U.K. for $22 billion. The lender, 41 percent-owned by the U.K. government, still has $3.93 billion classified as non-core loans spread across property and distressed corporate, adds Reuters.
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New Zealand Lloyds Banking Group Australian Goldman Sachs Group Australia Property Loans