Lloyds frames terms for UK bank bids
Lloyds Banking Group is seeking about £2.5 billion for the portfolio of assets it is selling in the UK, Bloomberg reported yesterday.One Bloomberg source named National Australia Bank, Virgin Money and NBNK Investments as likely bidders. All three have long been associated with speculation they will bid for the Lloyds' assets. And recent UK media speculation links NAB as a potential joint bidder with each of the other two.At least half a dozen other bidders, including private equity firms and other banks, also received the information document on the sale of the 632 Lloyds branches that serve around 5.5 million customers.Last week, Lloyds said the pre-tax profit on this portfolio in 2010 was around £500 million; risk-weighted assets were around £16 billion; assets were around £64 billion and liabilities £32 billion.