Lloyds Banking Group sells control of finance unit

[July 05, 2010]  LONDON (AP) -- Lloyds Banking Group has agreed to sell a controlling stake in its Bank of Scotland Integrated Finance business.

Lloyds said Monday that Coller Capital, a private equity company, is paying 332 million pounds ($504 million) for a 70 percent stake in the unit. Lloyds will remain as a minority partner with a 30 percent stake.

Lloyds, which was bailed out by the British government during the financial crisis, says it has now disposed of 750 million pounds in assets.

[Associated Press]

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