LONDON, Aug 21 (Reuters) - British state-backed lenderLloyds Banking Group said on Wednesday it had soldGerman life insurer Heidelberger Leben to a joint venturebetween private equity group Cinven and Hannover Re for around300 million euros ($403 million).
Heidelberger Leben has a portfolio of around 600,000policies, mainly unit-linked, and 5.2 billion euros of assets asat 31 December 2012. It is headquartered in Heidelberg andemploys around 300 people.
The sale is expected to lead to a loss on disposal of around330 million pounds in Lloyds' group accounts but, combined withthe sale of other assets, is expected to boost the Group'scommon equity tier 1 capital by around 400 million pounds atcompletion, Lloyds said in a statement.
The cash proceeds from the sale will be used for generalcorporate purposes.
In a separate transaction, Lloyds also said it had sold aportfolio of leveraged loans to ELQ Investors II Limited, awholly owned subsidiary of Goldman Sachs for 254 million pounds.