LONDON--Lloyds Banking Group PLC (LLOY.LN), which is 41% owned by the U.K. Government, said Friday it is selling its Uruguayan retail, commercial and corporate banking operations, which currently operate as a branch of Lloyds TSB Bank PLC, to Banque Heritage (Uruguay) S.A. for an undisclosed sum.
-Total assets subject to the transaction total 261 million pounds as of Dec. 31, 2011.
-Group's representative office in Uruguay is not included within this transaction.
-Transaction is in line with the Group's strategy of reducing its international presence and the effect of the sale on the Group isn't expected to be material.
-Transaction is subject to a number of conditions, including regulatory approval, and is expected to complete in 2013.
-Shares at 1400 GMT up 1 pence, or 2.02%, at 37 pence valuing the company at GBP25.46 billion.
-Write to Ian Walker at [email protected]
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