SYDNEY, Oct 3 (Reuters) - Westpac Banking Corp hassubmitted a bid for Australian assets being sold by LloydsBanking Group, two sources said, lining up againstcompeting offers from Pepper Australia and Macquarie Group.
Lloyds is selling corporate loan, motor and equipmentfinancing businesses in Australia with a face value of someA$8.5 billion ($7.95 billion), people familiar with the processtold Reuters.
The sale is part of a global plan by Lloyds to cut costs andstrengthen its balance sheet as the bank shrinks itsinternational operations and refocuses on lending to Britishhouseholds and businesses.
Westpac declined to comment.
Lloyds (LLOY)
