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Lloyds agrees to sell private banking arm to UBP

Lloyds Banking Group has agreed to sell its international private banking arm to Swiss wealth management specialist Union Bancaire Privee (UBP).

The deal will see Lloyds make £100 million ($150 million), with £65 million being paid up front and the remaining £35 million over the next two years.

Lloyds private banking arm has assets under management worth around £7.2 billion.

The bank was bailed out by the UK government to the tune if £20.5 billion in 2008 and is now 39 per cent owned by the taxpayer as a result.

UBP is based in Geneva but operated across more than 20 locations around the world. It recently acquired the private banking arm of the Dutch group ABN Amro and the Paris-based asset manager Nexar.

As part of its restructuring plan, Lloyds has said it has decided to withdraw from South Africa and close its offices in Dubai. Instead, the bank is focusing on lending to UK households and businesses.

By Asim Shah