Lloyds offloads Australian firms

 
Michael Bow
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LLOYDS Banking Group has agreed to sell its Australian operations to Westpac Banking Corporation for £900m, the state-backed lender said this morning.

The sale, which further reduces Lloyds’ overseas footprint, will see the bank offload motor asset finance provider Capital Finance Australia and corporate lending business BOS International.

The sale marks the end of Lloyds’ market presence in Australia though it will continue to support UK-linked customers.