Lloyds sells private equity unit

The bailed-out British lender Lloyds Banking Group has agreed to sell its private equity business to buyout firm Coller Capital.

That accelerates plans to offload peripheral units and refocus on its core lending activities.

Lloyds will get 400 million euros in cash for transferring its investments division to a new joint venture with Coller in which the bank will hold a 30 percent stake.