Lloyds sells £1bn HBOS assets

It has agreed to sell a portfolio of 71 private equity related assets to a fund overseen by Coller Capital, an investor that specialises in such deals. A spokesman for Lloyds was unable to say if any of the assets were linked to Yorkshire.

The disposal is part of Lloyds chief executive Antonio Horta-Osorio’s plan to restore the bank to health following its £20bn rescue by the government in 2008.

Lloyds has already sold some £23bn of non-core assets so far this year on top of £53bn last year, meaning it is getting rid of about £1bn of assets a week, as it looks to focus on its core banking operations.

Banks are also being required to hold more capital as regulations are tightened in the wake of the financial crisis.

Lloyds has targeted at least another £47bn of such sales by the end of 2014.