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Lloyds agrees to sell Irish residential mortgage portfolio to Barclays for £4bn

StockMarketWire.com

Lloyds Banking Group said Friday it had agreed the sale of its Irish residential mortgage portfolio to Barclays Bank for around £4bn.

The transaction - expected to be completed in the second half of 2018 - would generate approximately 25 basis points of CET1 capital upon completion, slightly better than originally expected, Lloyds said.

The transaction would also generate a pre-tax loss on sale of roughly £110m, which would be recognised in the first half results. The sale was in line with the group's strategy of becoming a low risk, UK focused bank, Lloyds said.

'Following the transaction the group will have minimal exposure to Ireland and the total outstanding run-off portfolio will be around £4bn, less than 1% of the group's loans and advances to customers,' it added.

Story provided by StockMarketWire.com