Lloyds Banking Group plc (LLOY.L,LYG) announced the proposed sale of its International Private Banking business to Union Bancaire Privée. The transaction will include the business of the Group's Geneva-based Private Bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo. The total consideration for the transaction, payable in cash, is up to approximately 100 million pounds, of which the Group expects to receive approximately 65 million pounds at closing, with the rest deferred and payable in the two year period following completion of the transaction, contingent upon the performance of the business in that period.
Lloyds Banking said the transaction builds on the commitments it made as part of the Group Strategic Review to reduce and simplify international presence and build wealth business by focusing on the UK, Channel Islands and the UK Expat marketplace. In addition to the transaction, the Group has decided, in principle, to withdraw its presence in South Africa. The Group will also be closing the Dubai International Finance Centre based private banking business.
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