Lloyds Banking Group Plc is closing its leveraged finance unit in Australia, according to a person familiar with the matter.
The bank’s existing leveraged loan portfolio of more than A$1 billion ($989 million) will be run down over time and won’t be sold to other lenders, the person said. The debt was lent through its BOS International unit, the person said.
Lloyds has announced 42,000 job cuts over the past three years, closed overseas units and pledged a narrower focus on its core U.K. market as it seeks to wean itself off cheap central bank loans. The bank’s shares have fallen 64 percent in London trading this year.
Sydney-based Peter Moore, former Australian leveraged finance head at BOS International, has a new role as head of project finance and portfolio management, according to the person. The decision to exit the business affects seven employees, the person said, declining to elaborate.