Lloyds Banking Group Plc, Britain’s largest mortgage lender, agreed to sell 500 million pounds ($790 million) of leveraged loans to Bain Capital LLC’s debt fund manager Sankaty Advisors LLC, as the bank moves to reduce assets.
The assets are mostly performing U.K. leveraged buyout loans, said a spokesperson for Sankaty, who declined to be named in line with the firm’s policy. Lloyds spokesman Emile Abu-Shakra declined to comment.
Lloyds has shrunk its non-core assets by 53 billion pounds since 2008 to about 141 billion pounds as of the end of 2011, according to filings. Sankaty manages $16 billion globally, including 3 billion euros in Europe, according to the spokesperson.
The Financial Times reported the story earlier.
-- Editors: Keith Campbell, Jon Menon