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Bank charges: Lloyds sells off mortgage arm for £3.3 bn

Lloyds banking group has managed to claw back £3.3 billion into its reserves by selling off its US portfolio.

This is part of a plan to build up capital and restructure the bank as it tries to make a return to profitability.

Lloyds has been trying to build up capital as, under the request of the government, banks across the country have been trying ensure they are better protected against any bad loans.

At present, the bank is 39 per cent owned by the taxpayer as its failures in the past resulted in the government having to bail it out.

Since then, the government has been waiting on the bank to return to profitability so that it can sell off its shares and regain at least some of the money that the taxpayer has lost.

Additionally, Lloyds has been told to make sure that lending to British businesses and households is its main priority.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801593178-ADNFCR

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