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Lloyds Banking Group PLC : Lloyds Plans to Sell £1.2 Billion of Distressed Debt

11/22/2012 | 10:16pm US/Eastern

Lloyds Banking Group PLC (LLOY.LN) plans to sell 1.2 billion pounds ($1.9 billion) of distressed mortgages tied to European real estate, the Financial Times reported Thursday on its website, without directly citing a source.

Lloyds has approached possible buyers about a portfolio of German commercial property mortgages with a face value of 850 million euros ($1.1 billion) to EUR900 million as part of a sale process referred to internally as Project Chamonix, the report said.

Separately, the bank is believed to be preparing to sell GBP500 million of non-performing U.K. property loans, the report said.

Lloyds declined to comment on either sale, the report said.

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