Lloyds Banking Group, which is backed by the UK government, has agreed to sell off its Australian insurance and corporate lending businesses for £900m as it narrows its focus on the UK.

Westpac Banking Corporation, one of Australia’s largest banks, has posted a 15% fall in its annual profit to AUS$5.97bn (€4.8bn) due to the tax implications of its takeover of smaller rival St George Bank.

ONE of Britain’s oldest and largest independent stockbroking and investment management firms, Redmayne-Bentley, is to expand its branch network to Ireland by opening an office in Cork.