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Report: Lloyds bids for Sainsbury's £1.9B mortgage book

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Report: Lloyds bids for Sainsbury's £1.9B mortgage book

Lloyds Banking Group PLC is among the bidders for the £1.9 billion mortgage portfolio of supermarket chain J Sainsbury PLC, which is seeking to exit the home-loans markets following a similar move by peer Tesco PLC, Sky News reported Dec. 12.

Other banks submitted their offers ahead of the deadline in the week of Dec. 9, according to the report. Although they previously expressed interest in the loan book, Royal Bank of Scotland Group PLC and Santander UK Group Holdings PLC did not actually bid for the portfolio, according to the report.

A sale would form part of the restructuring of Sainsbury's financial services arm, Sainsbury's Bank PLC, Sky News noted. J Sainsbury CEO Mike Coupe recently said the bank will halt new mortgage lending as part of a group-wide cost-cutting drive.

BNP Paribas is reportedly handling the auction of the mortgage portfolio.