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Lloyds sells Ecuadorian branches
27-07-2010 14:23
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Lloyds Banking is selling its Ecuadorian branch assets and liabilities to Banco Pichincha for up to $25m in cash.
The impact of the sale on its accounts will not be material, the group said.
The Ecuadorian business is primarily a corporate relationship bank operating through two branches and employing 108 people.
Total gross assets at 31 December 2009 were valued at $170m, while the net assets for the business amount to $25m. The Lloyds private banking operations in Ecuador are not part of this transaction.
Lloyds said the deal is in line with its strategy of divesting assets which are not core to its strategy and over the last twelve months the group has now sold seven businesses, raising over £750m.
The impact of the sale on its accounts will not be material, the group said.
The Ecuadorian business is primarily a corporate relationship bank operating through two branches and employing 108 people.
Total gross assets at 31 December 2009 were valued at $170m, while the net assets for the business amount to $25m. The Lloyds private banking operations in Ecuador are not part of this transaction.
Lloyds said the deal is in line with its strategy of divesting assets which are not core to its strategy and over the last twelve months the group has now sold seven businesses, raising over £750m.
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