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Lloyds looks for Lex sale

Date: 30 January 2009

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Lloyds TSB bank is looking to sell leasing giant Lex in order to raise cash, according to reports in the Telegraph.

Lloyds, which acquired Lex when it merged with HBOS earlier this month, has approached private funders with a view to a multi-million pound sale. Lloyds is supposedly under pressure to evaluate all non-central assets following the merger with HBOS, which benefited heavily from the recent Government banking bail-outs.

Lex boss Jon Walden has declined to comment on the future of his company, with a company insider calling the reports "speculation". However, Lloyds TSB's chief executive Eric Daniels has said the bank is looking to raise money by "managing the balance sheet" in order to pay back the Government.