National Australia Bank, Westpac Banking Corp, ANZ Banking Group, Commonwealth Bank of Australia and Macquarie Group are among the potential suitors, who have submitted initial bids for the acquisitions.
The proposed sale of both operations is a part of the 40% government-owned UK lender’s plan to ramp up the required capital, as reported by the Wall Street Journal.
The British bank is selling its motor and equipment-leasing business Capital Finance and commercial lending operation BOS International.
Both units, which represent the major chunk of its Australian business, manages approximately A$9.4bn ($8.7bn) in assets under management.
If the proposed transaction materializes, it will help the part-nationalized bank to quit the Australian market to concentrate on lending to households and businesses in the UK.
The paper said that nearly three preferred buyers may be shortlisted this month and a deal is expected to be inked by the end of 2013.
