Westpac to buy Lloyds' Australian operations as bank exits the country

Lloyds Banking Group says that it has agreed the AU$1.55bn (£0.9bn) sale of its Australian operations to Westpac Banking Corporation, as the bank begins to exit the Australian market. (Release)

Lloyds will be selling Capital Finance Australia, a motor and equipment finance business, and the Australian division of corporate lender BOS International. The sale includes AU$1.45bn of shares and AU$0.1bn of derivative contracts.

It comes as Lloyds re-focuses its efforts on the UK and is expected to be completed by the end of this year.