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Lloyds sells shipping loans for USD 500 million

British bank Lloyds Banking Group is selling off its shipping loans, divesting loans for a total USD 500 million, according to Reuters.

Photo: Colourbox

The move has been underway since February, and yesterday the final details were settled, enabling Lloyds Banking Group to divest shipping loans for USD 500 million. Estimates say the loans were sold for approximately 80 percent of their value, according to Reuters.

"Lloyds are keen to get out of shipping and this deal is part of their efforts to speed up the process," a source tells Reuters.

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