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)


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