Lloyds assets not for CBA

Westpac, ANZ seen as last remaining suitors for UK bank's local assets.

Westpac Banking Corp (WBC) and Australia and New Zealand Banking Group (ANZ) appear to be the last remaining potential suitors for Lloyds's remaining Australian assets after the Commonwealth Bank of Australia (CBA) decided against pursuing the assets, according to The Australian.

Lloyds is selling its $2.5 billion BOS International corporate lending book and its $6 billion asset finance business, Capital Finance, as the partly-nationalised bank struggles to return capital to the British market.

Interested suitors lodged their interest this week, but CBA apparently decided against making a bid.

CBA chief executive Ian Narev told The Australian that, “All I can tell you is that we've never really outlined that as an area of major strategic focus”.

In addition, Lloyds is seeking to sell about 12 non-performing loans that will be sold to distressed-debt funds separately. Those loans are estimated to be worth about $700 million.