Lloyds to Sell $500m in Shipping Loans

Lloyds Banking Group has reached an agreement to sell $500 million of shipping loans from its remaining ship finance portfolio, finance and banking sources familiar with the matter said on Wednesday.

Bank of America and U.S. hedge fund Davidson Kempner Capital Management were expected to buy the loans, one of the sources said.

Lloyds, Bank of America and Davidson Kempner all declined to comment.

(Reporting by Jonathan Saul and Matt Scuffham; Editing by Pravin Char)