Following plans to sell its international business to Swiss wealth management specialist Union Bancaire Privee (UBP) for GBP100 million, Lloyds Banking Group plans to sell its international private banking unit in Miami to Banco Sabadell.
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The deal will approximately amount to GBP8 million.
Earlier in the year, in April, Lloyds sold its Spanish retail operations to Banco Sabadell, and has continued to "explore how the groups can collaborate effectively" ever since, according to the lender.
Banco Sabadell already has a customer focused, private banking business in Miami. The senior client facing team of the Lloyds private banking unit is expected to transfer to Banco Sabadell on completion of the transaction.
Lloyds also plans to contact clients "shortly" in relation to the transaction.
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With the sale of Lloyds’ international private banking business to UBP for GBP100 million, the UK-headquartered lender expects to receive approximately GBP65 million at closing, with the rest deferred and payable in the two year period following completion of the transaction.
The transaction will include the business of the Lloyd’s Geneva-based private bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo.
Lloyds also plans to close the Dubai International Finance Centre based private banking unit.
For Lloyds, the sale of it’s international private banking units is part of a wider drive by the bank to retrench its business to its home market.
