LONDON, May 10 (Reuters) - Lloyds Banking Group L> hassold a portfolio of soured property loans to U.S. private equityfirm Cerberus Global Investments for 325 million pounds ($504million), as the state-backed bank continues to purge itsbalance sheet of bad debt.
The price tag reflects a 38 percent discount to the facevalue of the loans, the bank said on Friday.
British banks Lloyds and RBS have both shedportfolios of bad property loans in recent years as they cleanup a mess generated during years of profligate real estatelending in the run-up to the financial crisis.
Lloyds (LLOY)