Lloyds Banking Group is to sell its international private banking business to Swiss bank Union Bancaire Privée (UBP) as part of its strategy to focus on the domestic wealth market.
The transaction will includes the bank’s Geneva-based Private Bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo.
UBP will pay up to £100 million for the business, which reported a loss of around £50 million in 2012. Lloyds expects to receive an initial £65 million with the remainder payable in the two years following the transaction, which remains subject to regulatory approval.
As of 31 March assets under management in the international private business stood at £7.2 billion.