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Lloyds sells Irish mortgage book to Barclays for 4 billion pounds

Lloyds Banking Group
Acquisition   The deal would generate a pretax loss of around 110 million pounds

Lloyds Banking Group said it had sold its Irish residential mortgage portfolio to Barclays for around 4 billion pounds ($5.4 billion) in cash.

The deal covers gross assets of around 4.3 billion pounds, of which 300 million pounds are impaired, Lloyds said in a statement, and in the year to end-December they generated a pretax loss of around 40 million pounds.

Lloyds said the deal would generate a pretax loss of around 110 million pounds, which would be recognized in its first-half results, but that it would also result in a better-than-expected increase in common equity tier 1 of around 25 basis points.

Following the deal, which is due to complete in the second half of 2018, Lloyds said it would have only a minimal exposure to Ireland, and the total outstanding run-off portfolio would be around 4 billion pounds.


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