Lloyds sells off overseas private banking arm in £100m deal

Lloyds Banking Group is to sell its loss-making international private banking business to Swiss bank Union Bancaire Privée (UBP).

The business, that made a loss of £50m in 2012, is to be sold for an expected £100m, with £65m upfront, the part-nationalised bank said today. It currently has assets under management of £7.2bn, with a balance sheet of £729m. UBP will acquire the group's Geneva-based private bank, as well as branches in Zurich, Monaco, Gibraltar and Montevideo. Senior client-facing teams are expected to transfer to the Swiss bank. Lloyds is also "exploring potential business opportunities with UBP including possible client and product referrals." The deal is part of an attempt to "reduce and ...