Lloyds TSB to sell South American businesses

British banking group Lloyds TSB is to sell its businesses in Argentina and Colombia as it continues to dispose of non-core operations, it announced today.

Lloyds, which also sold operations in New Zealand and Brazil last year, is refocusing on its UK high street operations.

Its branch in Argentina will be bought by the country’s Banco Patagonia Sudameris, while the Colombian division will be sold to Panama-based Primer Banco del Istmo.

The disposals are a continuation of a shake-up announced by chief executive Eric Daniels after he joined the group in June of last year.

Lloyds TSB employs 676 staff at 34 branches in Argentina and 667 people at 17 sites in Colombia.

The net asset value at June 30 of the Argentinian business was around £8m (€12m), while the Colombian operation was valued at £34m (€51m).

Both transactions are subject to approval by the regulatory authorities. Lloyds TSB did not reveal how much the operations were sold for.

The bank said last year that it was selling its National Bank of New Zealand subsidiary to Australia and New Zealand Banking Group.

It also offloaded the bulk of its Brazilian operations to rival HSBC.