Lloyds Banking (LYG) Sells Private Equity Investments

Lloyds Banking Group

announced on Monday that it is selling 40 private equity investments that are currently held by its Bank of Scotland Integrated Finance business unit to a joint venture called Cavendish Square Partners. Coller Capital, which owns about 70% of the joint venture, is paying 332 million pounds (about $502 million) for its stake, with the remaining 30% to be held by Lloyds Banking Group (

). The deal, which values the investments at 480 million pounds, is part of the bank's ongoing strategy to sell non-core assets. Lloyds Banking Group said that the sale would not have a meaningful impact on the bank's financial results.