Syndicates led by Pepper Australia and Macquarie Group, respectively, have submitted competing bids for the Lloyds Banking Group's assets in Australia, according to Reuters. Westpac is also expected to be a contender for the assets, at the right price. Lloyds is selling its BOS International corporate loans business and its Capital Finance motor and equipment finance business in Australia. These have a combined face value of A$8.5 billion (US$7.95 billion) and an estimated net book value of A$1 billion, people familiar with the process told Reuters. The asset sale is in line with the British bank's plans to "reduce and simplify" its international presence and focus on the UK, the Channel Islands and the UK expatriate markets. Reuters reported that the bids, which were to be submitted by 30 September, are likely to be at the low end of Lloyds' expectations. If so, a serious late offer from Westpac could materialise and trump the field.Among the few assets Lloyds will have in Australia after this deal goes through will be a branch licence.In Australia, Lloyds has already sold a A$371 million portfolio of loan assets from its BOS International Australia unit to Bain Capital's Sankaty Advisors. Japan's Nomura Holdings also purchased some loan assets, with a face value of around A$150 million, for an undisclosed sum, "sources" told Reuters.