Basic financials released on Project Verde
Lloyds Banking Group yesterday released basic financial data on the portfolio of branches, and customer deposits and loans, being sold under the name of Project Verde.National Australia Bank is assumed to be one bidder for this asset, perhaps in conjunction with another bank investor.Lloyds' management said overnight that it expected indicative offers by mid-July, and expected to identify a purchaser by the end of this year. It wants to sell the assets by the end of 2013.The strategic update shows that the Verde business comprises 632 branches, and serves approximately 5.5 million customers.Income in 2010 was around £1.2 billion, expenses were £0.5 billion, the impairment charge was £200 million and the pre-tax profit was £500 million.Risk weighted assets were around £16 billion, assets were £64 billion and liabilities £32 billion.