That's below what the market had expected for the sale.
The gross assets subject to the transaction are £7.2 billion, which are predominantly policyholder assets. In the year to 31 December 2012 the business reported a statutory loss of £38 million. The sale of Heidelberger Leben is expected to lead to a loss on disposal of approximately £330 million in the Group's accounts but, combined with the sale of other assets, is currently expected to result in a benefit to the Group's common equity tier 1 capital of approximately £0.4 billion upon completion, equivalent to an approximate benefit of 13 basis points on a pro forma fully loaded CRD IV basis.
The bank also announced the sale of a portfolio of leveraged loans to ELQ Investors II (a subsidiary of Goldman Sachs) for £254m, with a further £2m payable within six months if certain financial conditions are met (release).