Briefs: Gippsland case drags on, Lloyds sells and NAB cuts

  • The future of non-bank lender Gippsland Secured Investments remains undetermined, with Justice Kathleen Farrell, of the Federal Court, holding a further hearing at short notice yesterday. GSI and its trustee, The Trust Company, will return to court on Monday for a further hearing. Trust wants the court to appoint a receiver to GSI, which has suspended payments to investors.
  • Lloyds Banking Group has agreed to sell a A$371 million portfolio of loan assets from its Australian unit, BOS International Australia, to Bain Capital's Sankaty Advisors.
  • National Australia Bank has cut around 570 jobs so far this year in its cost-cutting drive, the Financial Review reported. The estimate is based on a tally by the Finance Sector Union, which says 438 NAB has cut positions as a result of restructuring so far in 2013. Another 133 roles have been outsourced to overseas workers, taking the total to 571. More job losses are expected over coming weeks.