Lloyds to sell £1.4bn of Australian loans

Lloyds Banking Group has started the sale of 2.1bn Australian dollars (£1.4bn) of non-performing loans on distressed property in Australia as the group seeks to wind down non-core assets, according to reports.

The move is the second round of sales after the bank offloaded 1.7bn Australian dollars of distressed property loans to Morgan Stanley and Goldman Sachs in November last year.

A spokeswoman for Lloyds said only that the bank was looking at options for its non-core assets.

"We are looking at a number of actions which will help us deleverage our non-core assets," she said.