Macquarie Group (MQG) is tipped to have made a bid for Lloyds' Australian assets, according to sources close to the deal

Livewire Equities

Macquarie Group (MQG) is tipped to have made a bid for Lloyds' Australian assets, according to sources close to the deal. Final binding offers for the A$9 billion assets, which include leasing and other loans, were due yesterday. The sale includes Lloyds' Capital Finance unit and corporate loans valued at more than A$2 billion. Lloyds CEO Antonio Horta-Osorio is strengthening the firm's balance sheet by selling assets and cutting costs following the bank's 20 billion pound (US$32 billion) bailout in 2008. Lloyds' Australian unit reported a loss of A$148.3 million in 2012, after a shortfall of A$1.2 billion the previous year, according to company filings. Goldman Sachs is currently advising Lloyds on the sale process. (VIEW LINK)

Australia equities

Comments

Please sign in to comment on this wire.