Reuters is reporting that Britain’s Lloyds Banking Group is preparing to exit the Australian market, seeking to sell a leasing unit with a book value of $3.6 billion and a $625 million institutional loan portfolio.

Reuters said, according to two sources, Lloyds is selling its motor and equipment leasing unit Capital Finance, which encompasses motor vehicle financing and equipment financing.

Reuters noted that the sale of the $625 million loan portfolio has attracted at least five bidders that are shortlisted.

To read the Reuters story click here.