Lloyds Banking Group

Another value-accretive portfolio acquisition

  • Sectors : Banks
  • Companies : Lloyds Banking Group

Ratings and price correct at time of issue.

  • Lloyds Banking Group

    Closing Price: 50.3p

  • RATING 28/05/19

  • PREVIOUS RATING 14/02/18

    NEUTRAL

Person's Name

Diarmaid Sheridan

Analyst

DAVY VIEW

Lloyds Banking Group (LLOY) has this morning announced the acquisition of the Tesco mortgage portfolio This is a good transaction for LLOY given the competitive nature of the new mortgage lending market in the UK and LLOY’s approach to protecting margin and returns over portfolio growth. While smaller in scale than the MBNA acquisition, the Tesco mortgage portfolio acquisition will be value accretive once LLOY’s funding and cost structures are applied – delivering portfolio growth without damaging returns.

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Sep 3 2019, 09:05 IST/BST

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