SYDNEY: Britain’s Lloyds Banking Group is preparing to exit the Australian market, seeking to sell a leasing unit with a book value of US$3.6bil and a US$625mil institutional loan portfolio, according to three sources familiar with the situation.
The part-nationalised bank is aiming to cut its international branches to fewer than 10 countries by 2014 from 14 currently to lower costs and strengthen its balance sheet.
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