Business & Finance

Lloyds sells $504mn of bad property loans to Cerberus

Published May 10, 2013 Updated May 10, 2013 07:38am

1 min

By Parvez Jabri

Add BRecorder as a trusted
source on Google

LONDON: Lloyds Banking Group L> has sold a portfolio of soured property loans to US private equity firm Cerberus Global Investments for 325 million pounds ($504 million), as the state-backed bank continues to purge its balance sheet of bad debt.

The price tag reflects a 38 percent discount to the face value of the loans, the bank said on Friday.

British banks Lloyds and RBS have both shed portfolios of bad property loans in recent years as they clean up a mess generated during years of profligate real estate lending in the run-up to the financial crisis.

Read Comments