Market Chatter: HSBC, Lloyds Expected to Take Losses on Airband Sale

MT Newswires Live08-28 20:06

HSBC (HSBC) and Lloyds Banking (LYG) are expected to take losses on the sale of UK broadband provider Airband to Macquarie-backed Voneus, while an Aberdeen fund faces a roughly 200 million pound ($271.7 million) loss, the Financial Times reported Friday.

According to the report, the lenders are also facing losses after the Aberdeen fund ceased further funding for Airband following a review of its financing needs and risk-adjusted returns. Aberdeen clarified that the investment was made by an Aberdeen fund, not Aberdeen Group.

The fund cited higher build costs, slower customer growth, increased competition and challenging financing conditions, while Aberdeen said the investment was part of an otherwise strong diversified portfolio, the report added.

HSBC and Lloyds Banking did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Aberdeen clarified that the investment was made by an Aberdeen fund, not Aberdeen Group.The fund cited higher build costs, slower customer growth, increased competition and challenging financing conditions, while Aberdeen said the investment was part of an otherwise strong diversified portfolio, the report added.HSBC and Lloyds Banking did not immediately respond to MT Newswires' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. 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