Lloyds sells distressed Irish loans to Apollo for 90% discount

Lloyds Banking Group agreed to sell £1.5 billion pounds of Irish commercial real estate loans to Apollo Global Management for 10 per cent of face value.

19th November, 2012

Lloyds Banking Group, Britain’s biggest mortgage lender, agreed to sell £1.5 billion pounds (€1.9 billion) of Irish commercial real estate loans to Apollo Global Management for 10 per cent of face value.

Apollo will pay £149 million in cash, London-based Lloyds said in a statement today. The loans generated £202 million pounds of losses in 2011, the bank said.

“The transaction is not expected to have a material impact on the group due to the...

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