Britain's Lloyds Bank sells asset management arm of HBOS

Britain's Lloyds Bank sells asset management arm of HBOSLondon - Britain's part-nationalized Lloyds Banking Group has made its first disposal since the emergency takeover of ailing Halifax Bank of Scotland (HBOS) last autumn, it was reported Wednesday.

Lloyds agreed to the sale of HBOS's fund management business, Insight, to the Bank of New York Mellon for 235 million pounds (385 million dollars), British reports said.

The move came after Lloyds reported a massive half-yearly loss of 4 billion pounds last week, which it blamed on bad debts incurred by HBOS before the takeover. (dpa)