Lloyds Banking Group plc (the 'Group') announces today that it has agreed the sale of its Irish residential mortgage portfolio to Barclays Bank plc, for a cash consideration of around £4 billion at current exchange rates.
The transaction will generate approximately 25 basis points of CET1 capital upon completion, slightly better than originally expected, and will complete in the second half of 2018. The transaction will also generate a pre-tax loss on sale of c.£110 million, recognised in the first half results.
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