Lloyds Banking Sells Ecuadorian Branch, Assets, Liabilities For $25M

LONDON (Dow Jones)--Lloyds Banking Group PLC (LLOY.LN), said Tuesday that it is selling its Ecuadorian branch assets and liabilities to Banco Pichincha for a cash consideration of up to $25 million, adding that the impact of the sale on the group's accounts will not be material. MAIN FACTS: -The Ecuadorian business is primarily a corporate relationship bank operating through two branches and employing 108 people. -The Lloyds private banking operations in Ecuador are not part of this transaction. -Over the last twelve months the Group has now sold seven businesses, raising over GBP750 million. -The transaction is expected to complete in the second half of the year. -Shares at 1310 GMT up 4.81 pence, or 7.32%, at GBP70.82 pence, valuing the company at GBP48.2 billion. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com (END) Dow Jones Newswires July 27, 2010 09:12 ET (13:12 GMT)