Lloyds sells international private banking arm
May 30 , 2013
Lloyds Banking Group announced on Wednesday it is to sell its international private banking arm to Swiss wealth management specialist Union Bancaire Privee (UBP).
Under the deal, the British banking group will earn $150 million.
Lloyds’ private banking arm boasts assets worth some $108 million.
UBP, which has private and institutional clients, is based in Geneva with offices in more than 20 countries.
In recent years, it has set out to boost its asset base in the wake of the global economic slowdown.
Recent acquisitions include the private banking arm of Holland’s ABN Amro and French asset manager Nexar.