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State-supported bank seeks to focus on UK interests.
Lloyds Banking Group, which is 39% owned by the UK state, has announced the proposed sale of its International Private Banking business to Union Bancaire Privée (‘UBP’).
The deal will include the business of the Group’s Geneva-based Private Bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo whilst the agency office in Miami is excluded from the sale. In connection with the deal the Lloyds will also be closing the Dubai International Finance Centre based private banking business.
In a statement the banking group argued that the deal “offers a wide range of personalised banking, investment and planning services to high net worth individuals and families. UBP has an attractive proposition for the clients of our International Private Banking business and the senior client facing teams of the Business are expected to transfer to UBP on completion of the Transaction.
“To ensure continued support for our customers and in conjunction with the sale, the Group is also exploring potential business opportunities with UBP including possible client and product referrals”.
The Group’s UK-offshore businesses including the Channel Islands, Isle of Man and Gibraltar will not be affected as a result of today’s announcement, with Lloyd’s commenting that it “builds on the commitments we made as part of the Group Strategic Review to reduce and simplify our international presence and build our wealth business by focusing on the UK, Channel Islands and the UK Expat marketplace”.
