Macquarie Group Has Joined The Fray For Lloyds' Australian Assets: Report

Macquarie Group has reportedly made a bid to buy Lloyds Banking Group’s Australian business, joining Westpac and debt manager Pepper Group in the fray.

Bloomberg reports that Macquarie Group made its bid before bidding closed yesterday.

Goldman Sachs is advising on the acquisition, which is set to be one of Australia’s largest in years. Lloyds’ Australian assets are estimated to be worth close to $9 billion, including a car leasing business worth about $6.5 billion.

British Lloyds has been looking to sell its Australian assets since mid-2013, after suffering about £3 billion ($A5.2 billion) of losses, according to the Financial Times.

The Australian reported last week that Westpac was the “clear front-runner” to buy the business, as it could be willing to pay more for Lloyds’ car leasing business and corporate loan book.

ANZ reportedly dropped out of bidding last week.

There’s more on Bloomberg.

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