Lloyds Banking To Sell Portfolio Of Irish Retail Mortgages To Tanager

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) announced it has agreed the sale of a portfolio of non-performing Irish retail mortgages to Tanager Limited, an entity affiliated with Apollo Global Management, LLC (APO), for 257 million pounds. Lloyds Banking said the sale is part of its continued non-core asset reduction programme.

Lloyds said it will use the proceeds for general corporate purposes and the transaction, although capital accretive, is not expected to have a material impact on the Group, due to existing provisions taken against these assets.

The gross assets subject to the transaction are 610 million pounds. The portfolio generated losses of 33 million pounds in the year to 31 December 2012.