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Name | Symbol | Market | Type |
---|---|---|---|
Hannover Rueckversicherung SE (PK) | USOTC:HVRRY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.78 | -1.90% | 40.31 | 39.46 | 40.76 | 40.34 | 40.00 | 40.12 | 2,269 | 21:27:10 |
LONDON--Lloyds Banking Group PLC (LYG) Wednesday said it agreed to sell more than 500 million pounds ($861 million) of assets in two separate deals, part of the 39%-government-owned bank's strategy of selling off non-core assets to strengthen its capital base.
The U.K. lender agreed to sell a portfolio of leveraged loans to ELQ Investors II Ltd., a unit of Goldman Sachs Group Inc. (GS), for GBP254 million.
Lloyds will also sell its German life insurance business Heidelberger Lebensversicherung AG to a joint venture company owned by Cinven Partners LLP and Hannover Rück SE for GBP250 million.
The transaction is expected to lead to a loss of around GBP330 million in the group's accounts, but is also expected to result in a benefit to the bank's common equity tier 1 capital of GBP0.4 billion upon completion.
Lloyds is seeking to sell non-core assets as it attempts to fill some of its multi billion pound capital deficit ahead of an anticipated sale of its government-owned stake.
The lender is also looking to sell $8.7 billion of U.S. mortgage securities and asset-management unit Scottish Widows Investment Partnership.
Write to Peter Evans at peter.evans@dowjones.com
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1 Year Hannover Rueckversicherung (PK) Chart |
1 Month Hannover Rueckversicherung (PK) Chart |
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