Lloyds Banking Group PLC Announces Sale Of International Private Banking Operations To Union Bancaire Privée

Wednesday, 29 May 2013 08:20am EDT 

Lloyds Banking Group PLC announced the proposed sale of its International Private Banking business to Union Bancaire Privée (UBP) (Transaction). 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 Business). The agency office in Miami is excluded from the sale. In connection with the Transaction the Group will also be closing the Dubai International Finance Centre based private banking business. The total consideration, payable in cash, for the Transaction is up to approximately GBP100 million, of which we expect to receive approximately GBP65 million 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. The transaction is expected to complete in a number of stages, with the majority of the Business expected to transfer in the second half of 2013 and the remainder by the first quarter in 2014.