London: British banking major Lloyd TSB’s private equity arm LDC is planning to open offices in India and mainland China in the next two-three years, a media report said.
LDC is also planning to open an office in Hong Kong in the next few months.
“LDC, Lloyds TSB’s private equity arm, is to take its first steps overseas, opening offices in Hong Kong, mainland China and India to help its portfolio of 60 UK-based companies expand in Asia,” the Financial Times said.
Quoting LDC’s managing director, International, Paul Johnson, the daily said the firm also planned to open offices in mainland China and India in the next two-three years.
“Johnson said the Asian expansion was initially designed to help LDC’s portfolio of UK-based companies to expand in Asia. That can be done by sourcing new or cheaper products, exporting into new markets or opening lower-cost manufacturing facilities,” the newspaper said in an article published in its online edition.
LDC is one of UK’s biggest PE investors in small-to-mid-sized companies and the wholly-owned subsidiary of Lloyds TSB has more than three billion pounds of assets under management.
Further, quoting Johnson, the daily said the move could help LDC to sell its portfolio companies to increasingly acquisitive Indian and Chinese groups looking to expand in the UK. “In the medium term, the flow of money into the UK from Asia is going to increase.”
“In due course we do expect to start investing directly in Asia, however that will initially be alongside experienced Asian investors,” he was quoted as saying.