The British lender, which is 40% owned by the government said that the recent deal is one step ahead in its strategy of reducing its international footprint, and concentrate on domestic market.
Lloyds’ Japanese remittance business involves a branch that performs remittance and deposits business, said the bank.
Commenting on the deal, Shinsei Bank said the acquisition complements its commitment of foreign currency deposit services for individual customers and pointed out that the demand for overseas remittance services in the country was increasing.
The deal is expected to complete during the second half of 2012, after obtaining concerned regulatory approvals and satisfying customary closing conditions.
According to an estimate, the total assets of the business being disposed were GBP1.5m as of end December 2011.
In March 2012, Lloyds sold its onshore Dubai activities, which had total assets of GBP482m, to HSBC Bank Middle East as part of the same strategy.
