Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds in talks to ditch £1bn toxic asset portfolio

Lloyds in talks to ditch £1bn toxic asset portfolio

Lloyds is reportedly in talks to sell £1 billion of toxic loans it inherited through its acquisition of HBOS in 2008.

According to the Sunday Times, the projected – codenamed Lundy, will see the bank attempt to sell off a number of businesses HBOS rescued at the height of the credit crunch. These include hotel chain Menzies, packaging company Linpac and housebuilder McCarthy & Stone.

The portfolio is said to comprise around 40 assets, with sources saying Lloyds could forced to take a 30% writedown.

According to the paper, the portfolio has attracted interest from private equity firm Electra and two American vulture funds, Centerbridge and Lone Star.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Commodity conundrum, beleaguered bonds and a US dilemma

Commodity conundrum, beleaguered bonds and a US dilemma

This week’s episode of Investment Pulse looks at the impact of falling commodity prices on banks, dangers of negative yield curves and whether US equities can continue to deliver.

Play Mirabaud's Pyshkin: The US will continue to grow dividends

Mirabaud's Pyshkin: The US will continue to grow dividends

The global equity income manager has invested half of his fund here.

Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Wealth Manager on Twitter