(Reuters) – Britain’s Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) has agreed to sell a A$371 million ($335.74 million) portfolio of loan assets from its Australian unit BOS International Australia to Bain Capital‘s Sankaty Advisors for an undisclosed price, a Sankaty spokesman said in a statement.
The bank is also considering a potential sale of its full Australian business, a person familiar with the process said. That business includes its motor and equipment leasing unit Capital Finance.
A spokeswoman for Lloyds declined to comment on any further sales in Australia.
The sale of the loan portfolio is part of Lloyds’ decision to exit the Australian market as it cuts its international branches to fewer than 10 countries by 2014 from 14 currently to lower costs and strengthen its balance sheet.
Lloyds is also selling a leasing unit with a book value of US$3.6 billion, sources previously said. Goldman Sachs is advising Lloyds on the sales.
Sankaty opened an office in Melbourne earlier this year, its first in the Asia Pacific region. The Australian office is headed by Mitchell Stack, formerly head of debt and alternatives at the Future Fund, Australia’s sovereign wealth fund.