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Lloyds set to complete sales negotiations with US investment firm

UK bank sells share in Crest Nicholson to Varde

09 September 2010

Lloyds is set to sell its stake in housebuilder Crest Nicholson to US investment firm Varde following rounds of sales negotiations.

According to the Financial Times, the bank will sell its interest in the company for around £150 million.

Lloyds has confirmed the deal although they have yet to disclose the sale price.

A spokesperson told City AM: "Lloyds Banking Group hopes to continue to support Crest Nicholson by providing its day to day banking services."

The sale continues the bank's policy of selling off non-core assets to focus on its core operations.

Following its acquisition of rival firm HBOS in 2008, Lloyds has been carrying huge levels of debt which led to it being bailed-out by the government. A stipulation of the rescue package meant Lloyds was forced to sell off certain assets.

In July, the owners of Crest Nicholson rejected a £350 million offer from Hugh Osmond - the founder of Pizza Express and Punch Taverns. 

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