Lloyds Banking Group sells control of finance unit

Lloyds Banking Group has agreed to sell a controlling stake in its Bank of Scotland Integrated Finance business.

Lloyds said monday that Coller Capital, a private equity company, is paying 332 million pounds ($504 million) for a 70 percent stake in the unit. Lloyds will remain as a minority partner with a 30 percent stake.

Lloyds, which was bailed out by the British government during the financial crisis, says it has now disposed of 750 million pounds in assets.