Tuesday, March 29, 2011

JPMorgan (JPM), Citi (C) Land Lloyds (LYG) Branch Sale

JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) have been chosen by Lloyds Banking Group Plc (NYSE:LYG) to manage the sale of 600 branches of the British-based bank.

Lloyds said in a statement, "The group will now work with the appointed advisers to leverage their significant experience in funding activity and provide potential funding arrangements for the buyers of the Divestment Business."

The sale of the branches is a forced sale as a result of the bailout the company received from British taxpayers.

CEO Antonio Horta-Osorio said, "There has already been considerable interest in the Divestment Business."

Among banks interested in the branches of Lloyds are NBNK Investments Plc (NBNK), Spain's BBVA (BBVA) Virgin Money and National Australia Bank Ltd (NAB).

No comments: