Lloyds Banking Group plans to sell its remittance business in
Japan – GoLloyds – to Tokyo-headquartered Shinsei Bank for an
undisclosed sum.
The decision to sell GoLloyds is reportedly
“in line” with Lloyds’ strategy of reducing its international
presence and concentrating on its domestic market in the UK.
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According to Lloyds, its Japanese remittance
business involves a branch that performs remittance and deposits
operations.
The total assets of the remittance business,
sold to Shinsei Bank, amounted at approximately £1.5m ($2.32m), as
of 31 December 2011.
Sale of the remittance business to Shinsei
Bank is subject to regulatory approval, and is expected to complete
during the second half of 2012.
Lloyds sold its onshore Dubai activities to
HSBC Bank Middle East – as part of the same strategy – in March
2012.
