Lloyds sells off US mortgage portfolio for £3.3bn

Suzie Neuwirth

LLOYDS Banking Group today announced that it has sold a portfolio of US residential mortgage backed securities for £3.3bn.

The sale is part of the state-backed bank’s strategy to divest non-core assets and proceeds will be used for “general corporate purposes”.

Lloyds will make a £540m profit from the sale. Around £170m of the portfolio has been sold to Goldman Sachs for £200m.

The deal is expected to complete in the first week of June.