UK Lloyds Banking Group plc (LON:LLOY) said Friday it had inked an accord to divest a portfolio of UK commercial real estate loans to Promontoria Thames Ltd for GBP325m (USD501.2m/EUR384.6m) in cash.

The buyer is an affiliate of Cerberus Global Investments.

The deal is seen to be finalised in the final quarter of this year, the vendor said. It should not affect Lloyds significantly in view of the considerable impairment provisions held against the portfolio, the company added.

Through the move, Lloyds delivers further on its non-core asset reduction plan. The funds raised via the disposal will be earmarked for covering general corporate needs, the vendor said.

The particular portfolio, whose gross assets amount to GBP527m, generated losses of GBP47m last year.

UK investment group International Mining & Infrastructure Corp (LON:IMIC) said today that it had submitted an offer for Canadian mineral exploration company Afferro Mining Inc (CVE:AFF), which values the target at between GBP105m (USD160.9m/EUR122.2m) and GBP147m.

IMIC initially approached Afferro in December last year, saying it would make a takeover bid of between GBP1.15 and GBP1.40 per Afferro share once certain conditions were satisfied, including the completion of due diligence. The target is developing a portfolio of iron ore projects in Cameroon including its major asset, the Nkout project.

Under the proposal, the target’s shareholders can choose one of three options: GBP0.80 in cash plus a convertible loan note of GBP0.20 per Afferro share; GBP0.50 in cash plus a convertible loan note of GBP0.70 or shares in IMIC equivalent to a GBP1.40 per Afferro share. The cash portion is capped at USD100m (EUR75.9m).

The offer is subject to the the successful raising of funding, the negotiation of a plan of arrangement and the finalisation of the documentations for a reverse takeover, IMIC said. Commenting on the proposal, Haresh Kanabar, chairman of IMIC, stated that he believed that his company would have the needed capacity to develop the mining-related infrastructure of the Nkout iron ore project, which could bring long-term returns for shareholders.

US commercial information provider Dun & Bradstreet (NYSE: DNB) said it has published a five-year forecast of the global economy predicting continued but sluggish growth against challenging headwinds, differing from region to region.

D&B said that its Global Economic Outlook to 2017, based on a study and analysis of its proprietary business data and external data sources, provides insights on several contributing factors to real GDP growth for more 132 countries, representing seven major geographic areas.

According to D&B concerns over a double-dip recession in the US are unfounded despite the fiscal policy challenges. The significant improvement in the health of the corporate sector in combination with moderate consumer spending growth are offsetting austerity that will be required at all levels of government.

Growth remains constrained but the recovery continues to gradually gain momentum.

The outlook for European economies remains troubling. The immediate crisis in the Eurozone has subsided, but the underlying challenges in the region remain substantial.

While attention remains focused on fiscal and monetary policy D&B remains concerned about the competitiveness of European economies and the ability of their business sector to offset fiscal restraint. The outlook for the region remains unsettled with substantial downside risk given policy uncertainty.

In 2012, three years into the recovery, D&B downgraded 32 countries in its country risk analysis–the third highest number of downgrades in one calendar year–while only upgrading seven.

Risk ratings for 56 of the 132 countries are worse than in October 2009 when the recovery started, while only 23 are better.

UK financial major HSBC Holdings plc (LON:HSBA) said Wednesday that fully-controlled unit HSBC Insurance (Singapore) Pte Ltd had inked an accord to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Ltd for an undisclosed amount.

The deal, which has yet to be cleared by regulators, is seen to be wrapped up by the end of the year.

The sale of the portfolios, whose gross asset value amounted to SGD23.5m (USD19m/EUR14.8m) as at 31 December 2012, is a step ahead in the implementation of the group’s strategy, HSBC said.

AXA Life Insurance Singapore is part of French insurance and asset management group AXA SA (EPA:CS).

London Stock Exchange Group Plc (LON:LSE) said today that it had satisfied the acceptance condition of its revised takeover offer for domestic clearing house LCH.Clearnet Group Ltd after receiving acceptances for over 55.5% of the target’s stock.

The offer, which was conditional upon an acceptance level of at least 50% plus one share, was extended until 5 April to allow remaining LCH shareholders to tender their shares, LSE said.

Earlier this month, LSE struck a revised deal to buy an additional 55.5% stake in LCH for EUR328m (USD422m) plus a deferred consideration of up to EUR23m. Under an agreement, unveiled in December last year, it offered EUR15.00 per share for a 60% stake in the target, after it had previously proposed EUR19.00 apiece and a EUR1.00 special dividend.

As part of its revised offer, the buyer, which already owns a 2.3% stake in the target, will pay EUR15.00 per share, including EUR14.00 per share in cash on completion and EUR1.00 per share payable on 30 September 2017. LCH will also launch a EUR320m capital hike in order to meet increased regulatory capital requirements, whereas LSE will contribute up to EUR185m.

Through the deal, which gives the target a value of EUR633m, LSE will increase its stake in LCH to a maximum of 57.8%, with the other 42.2% to remain in the hands of other shareholders. LSE noted that the acceptances of certain LCH shareholders would be scaled back so that the company’s interest in the target did not exceed 57.8%.

The transaction is subject to approval by both companies’ shareholders, who are due to meet on 27 March, and to UK Financial Services Authority clearance, among other customary closing conditions. It is seen to be completed in the second quarter of 2013. The buyer will fund the purchase of the majority stake together with the consideration for the capital increase with existing cash and bank facilities, it said previously.

The combination will allow LSE to develop its current product and service offering and to enhance its international clearing capabilities, as well as to seize new opportunities for innovation, the buyer has said.

UK insurance and investment management services group Legal & General Group Plc (LON:LGEN) on Tuesday said it would pay GBP131m (USD199.1m/EUR155m) to buy the 75% not yet owned in Cofunds Holdings Ltd, one of the country’s largest investment platforms for financial services.

The cash deal will provide Legal & General with scale and distribution in the investment platform sector which is seen to double in size by 2017, the buyer said.

Cofunds has GBP50bn of assets under administration (AUA) and a 22% share of the local investment platform market. Together with Investor Portfolio Service, it will form a new unit within Legal & General’s Savings segment.

The transaction, subject to regulatory clearance is seen completing in the first half of this year. The buyer said it would use its existing cash resources to cover the price.

UK mutual life and pensions company The Royal London Mutual Insurance Society Limited said today it had agreed to buy Co-operative Insurance Society Limited (CIS) and The Co-operative Asset Management Limited (TCAM) from domestic Co-operative Banking Group Limited for GBP219m (USD330.4m/EUR255.5m).

The purchase price includes a deferred consideration of GBP180m, depending on the fulfillment of certain conditions. The addition is seen to bolster the buyer’s funds under management to GBP70bn from GBP50bn, it said.

Under the terms of the deal, the vendor will preserve The CIS Long Term Business Fund, whereas Royal London will offer policy administration services, asset management services and governance to it under an agreed expense arrangement.

The deal hinges upon approval by Royal London’s members, who are due to meet by the middle of 2013, as well as upon regulatory approvals.

Buying property abroad is a popular ambition in the UK. The option of living a life of leisure in a place that offers guaranteed sunshine, or just having a holiday home at your disposal at all times, can be hugely tempting. Some might be drawn to the money-making opportunities foreign real estate can offer, either from rental income or from capital growth.

Regardless of precisely why you are buying a property in another country, you are unlikely to achieve your desired goals unless you have planned everything very carefully – including the process of exchanging currency to pay for your purchase. After all, this is a highly costly and complex transaction, and nobody wants to end up paying over the odds unnecessarily if they can possibly help it.

Expert help

Sometimes, overseas property buyers can be easily swayed by their emotions, with their natural eagerness and excitement clouding their judgment. As a result, they can end up making very expensive mistakes, so it might be a good idea for you to get a foreign exchange service involved in the transaction.

They not only have extensive expertise and know-how on the finer points of purchasing real estate abroad, but also offer highly competitive exchange rates when compared with traditional banks, and they generally don’t charge commission either. This can potentially lead to considerable savings, freeing up cash that you can put towards other vital expenses.

Dealing with changing rates

In these turbulent economic times, exchange rates can be highly volatile and if you’re purchasing a foreign property, you can’t spend all your time monitoring fluctuations in order to decide when you should start transferring money. However, a foreign exchange specialist will be able to determine exactly when is the right time to start making international payments for a property purchase, so you can be confident of getting the best possible deal.

They can also offer you a forward contract that enables you to fix your exchange rate for a certain period of time. This guarantees some stability in these uncertain times, so even if a massive economic shock occurs and leads to chaos on the worldwide currency markets, it will not affect the cost of your transaction.

Changes in currency rates can add thousands of pounds to the cost of any deal and, in the worst case scenario, can end up making your dream of buying a foreign property completely unaffordable. So, securing your exchange rate and sticking to a particular figure can act as a valuable safety net to stop this happening. It also allows you to keep on top of your wider finances, as knowing exactly how much your property is going to cost will let you plan for other expenses, such as tax and insurance.

Ease the stress

Purchasing a property at home can be incredibly stressful and buying abroad can be just as difficult, if not more so, given the fact you have to consider exchange rates, rules and regulations in different countries, and the likelihood of key legal documents being written in another language.

Foreign exchange specialists can take some of the stress of managing such a complex transaction away and offer valuable support throughout the process. Experts will have good knowledge of the area in which you are purchasing and will be well-placed to answer any questions you may have. The advice you get won’t be of the one-size-fits-all variety and will instead be specifically tailored to your individual needs – and be straightforward and easy to understand.

The investment management unit of international financial services group Prudential Financial (NYSE: PRU), Prudential Capital Group, said that UK economics and finance ministry Her Majesty’s Treasury has allocated GBP 200m (about USD 323m) of a total GBP 700m (about USD 1.1bn) to the firm as part of a partnership to make more capital available to mid-sized UK businesses.

According to Pru , the GBP 200m was allocated to the Pricoa Sterling Fund, which, consistent with the objectives of the public/private partnership, will invest in debt securities of UK companies with less than GPB500m in annual revenue.

The funds will be invested alongside the advisor’s parent and other institutional investors.

Prudential Capital Group said it has lending relationships with more than 1,000 companies and manages a portfolio of more than USD 65bn globally, including USD 10bn managed for non-affiliated investors, as of September 30, 2012.

HM Treasury launched the initiative, called the Business Finance Partnership, earlier this year to increase the supply of capital through non-bank lending channels and to help diversify capital sources.

The UK chancellor’s Autumn Statement announced the investment of GBP 700m toward the creation of five new funds that will lend to mid-sized companies.

For more information, visit www.news.prudential.com.

The world of offshore investments and offshore banking has come under fire in recent months because a number of large businesses in the UK have been caught out avoiding tax. This has brought the argument about the existence of one rule for the rich, who were traditionally the users of offshore bank accounts and another rule for the poor. The truth is that there is nothing immoral about using an offshore bank account to maximise the return on your money, whether that is thanks to higher interest rates or because of lower or no taxes.

There is only ever a problem when people who invest their money in offshore accounts lack morals and integrity. A tax haven is a legitimate way to increase your wealth or protect the funds you have from tax authorities. There is only a moral issue when people who use tax havens, also take advantage of the benefits afforded to those people who pay tax. In essence, there is only a problem if people fail to pay their taxes. You can still have an offshore bank account and benefit from the superior banking facilities, provided you declare your income and investments to the UK treasury when you complete a self-assessment each year.

The other option is to conduct your offshore banking without using the facilities provided by the government and this would immediately remove the obligation to pay taxes. Of course, you can still visit the UK and you would have as much right to do so as any other visitor. If you decided to stay for longer than the permitted 90 days per year (averaged over four years), then you would need to fill in a self assessment form and declare your earnings.

The vast majority of people who open offshore bank accounts have no intention of deceiving HMRC. In most cases, they have paid taxes all of their adult lives and there has never been any doubt about the quality of their character. The issue about morality only exists with those who try to conceal their offshore accounting activity. For most people with any sort of liquid wealth, there are so many legal loopholes and genuine tax breaks associated with locating funds in offshore accounts that there is no need to be underhand about the matter. That is why there is only a question of morality and not legality.

This is because people, who take advantage of the lack of taxation on offshore accounts, have no intention of using that money to live a life in the UK. Offshore accounts have attracted bad press, where it should have been attributed to the people and businesses who manipulate the system unfairly. There are several political stances to the issues of offshore havens, but none seem more correct than the other under close examination. Offshore accounts could be considered to be morally important if the benefits are realised by hard working people who have paid into the UK treasury throughout their life. When examined, it is plain to see that it would be immoral and possibly illegal for any government to lay claim to monies for which, no service has been given or requested.

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Whichoffshore provides professional expatriate information on offshore estate planning, QROPS pensions and more, in order to help British expatriate make the most of their money. For more information, please visit – http://www.whichoffshore.com/