South American portfolio not for sale, says Lloyds
Monday 08 September 1997
A spokeswoman for the bank firmly denied press reports that Lloyds had hired Goldman Sachs, the American investment bank, to advise on the future of its South American businesses: "We've not appointed anyone to sell our South American businesses. We have no plans to sell."
The company has said it would like to make acquisitions with its cash pile, which reached over pounds 1bn after the sale last Friday of Business Technology Finance for pounds 235m. But it also indicated it was "not averse" to a share buy-back.
Lloyds would not comment on its longer-term plans for its South American portfolio, which includes large businesses in Brazil and Argentina and offices in 10 other countries, nor on whether it intended to build on those businesses.
It insisted there were no difficulties there. "Brazil has now become profitable. We don't have Third World debt problems," the company said.
Lloyds, which in February paid pounds 300m for the remaining half share in Banco Multiplic, its Brazilian bank, also denied suggestions that rival HSBC, which recently bought an Argentinian financial services company for pounds 380m, was making more aggressive in-roads in the region.
"We have been the most committed of all the players. We stayed in the Third World when many pulled out," said the spokeswoman. "We have been tidying up our portfolio after the TSB merger and we are looking at our businesses."
Commenting on reports that Goldman Sachs would present a proposal about the future of its South American operations to the Lloyds board, the spokeswoman said she was unaware of plans for any such presentation or whether Goldman was acting as unappointed adviser on this or any other project.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Yorkshire man to win £10,000 off a £1 bet placed six years ago if Dan Jarvis becomes Labour Party leader
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 4 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 5 The West has it totally wrong on Lee Kuan Yew
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
The West has it totally wrong on Lee Kuan Yew
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...