Lloyds in talks on $10 billion shipping loan sale: report

LONDON (Reuters) – Part-nationalized British bank Lloyds(LLOY.L: Quote, Profile, Research) is in talks about selling a $10 billion portfolio of shipping industry loans, Sky News said on Thursday.

Lloyds is due to receive offers for the portfolio imminently, with interest likely to come from a number of Japanese and other Asian banks, the broadcaster said.

The sale process does not include the leases on ships owned by Lloyds, it added.

A Lloyds spokesman declined to comment on the report.

The British government owns around 41 percent of Lloyds and 83 percent of rival Royal Bank of Scotland (RBS.L: Quote, Profile, Research) after bailing out both banks with billions of pounds of taxpayers’ money during the credit crisis.

As a result of the bailout, RBS and Lloyds were ordered by regulators to sell off some assets and trim their balance sheets.

(Reporting by Sudip Kar-Gupta; Editing by Greg Mahlich)

Lloyds in talks on $10 billion shipping loan sale: report