Lloyds Banking Group (LYG: Quote,LLOY.L) said it is selling its remittance business in Japan (GoLloyds) to Shinsei Bank, Ltd. The sale of the remittance business is expected to complete during the second half of 2012.
The total assets subject to the transaction with Shinsei Bank total 1.5 million pounds as of December 31, 2011, Lloyds Banking noted. The company added that further to the disposal of the remittance business, it plans to run down over time its fixed term deposit book within the Japan branch of Lloyds TSB Bank.
According to Lloyds Banking, the transaction is in line with its strategy of reducing its international presence. The impact of the sale on the Group's accounts is not expected to be material.
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by RTT Staff Writer
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