Lloyds sells $500-550 mln shipping loans portfolio - sources

Reuters

LONDON, Nov 13 (Reuters) - Lloyds Banking Group hassold a $500 million to $550 million portfolio of shipping loansto cut its exposure to the industry, sources familiar with thematter said on Wednesday.

The deal was done in the past two weeks, with Bank ofAmerica seen as the leading contender to buy the loans,the sources said. Lloyds and Bank of America both declined tocomment.

Lloyds, 33 percent owned by the UK government, is sellingoff non-core assets to strengthen its balance sheet and focus onlending to British households and businesses.

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