Lloyds Banking Group has closed its Australian leveraged finance group, a spokesman confirmed.

The bank will wind down its A$1 billion ($1 billion) portfolio and its Sydney-based head of leveraged finance, Peter Moore, has been assigned a new role as head of project finance and portfolio management. Lloyds made its Australian loans through its BOS International unit.

Lloyds has cut approximately 42,000 jobs since 2008 and closed up groups operating outside the U.K. It recently sold A$1.7 billion in distressed property loans to Goldman Sachs and Morgan Stanley.

London-based Lloyds is one of the largest retail banks in the U.K.

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