Lloyds Banking Group is continuing to offload assets with the sale of a leveraged loan portfolio to a subsidiary of Goldman Sachs and the sale of an insurance business to buyers including Cinven, as it prepares for the part-flotation of its state-owned stake.

The 39% government-owned bank has agreed to sell a portfolio of leveraged loans to ELQ Investors II Limited, a subsidiary of Goldman Sachs, for £254 million. UK-based ELQ Investors will pay a further £2 million within six months if the portfolio meets certain financial conditions. The sale is expected to complete by the end of next month.