LLOYDS Banking Group today announced that it plans to sell its international private banking business to Switzerland’s Union Bancaire Privee, as part of a group strategic review to focus more on the UK.
The state-backed bank said the sale would include its Geneva-based private bank and its Dubai International Financial Centre operations, as well as offices in Zurich, Monaco, Gibraltar and Montevideo.
“The transaction 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,” said Lloyds.
“Going forward, the group's wealth strategy is focused on serving mass affluent and affluent customers within the UK and Channel Islands, and those with UK connections.”
The deal is expected to complete in a number of stages, with the majority of the business transferred in the second half of 2013 and the remainder in the first quarter of next year.