Lloyds Banking Group has denied media speculation that it could sell off its private equity division LDC.

Taxpayer-backed Lloyds Banking Group has categorically denied media speculation that it could sell off its private equity division Lloyds Development Capital (LDC).

The rumours were based on comments by LDC chief executive Darryl Eales, which appeared in the Financial Times.

A spokesperson for Lloyds Banking Group tells M&A: ‘We have no intention to divest our interests in LDC.’

LDC is a mid-market investor with regional divisions across the UK as well as in Europe and Asia. The firm has a portfolio of over 60 companies worth around £2 billion and invests up to £100 million in businesses to support transactions including management buy-outs.