UBP Pays $150M For Lloyds' International Private Banking Arm

Law360, New York (May 29, 2013, 5:30 PM EDT) -- Swiss private bank Union Bancaire Privee has agreed to buy Lloyds Banking Group PLC's international private banking business for up to £100 million ($151.2 million) as Lloyds turns its focus domestically, the firm announced Wednesday.

Lloyds plans to close its Geneva, Zurich, Monaco, Gibraltar and Montevideo-based international private banking practices, and clients are expected to move to UBP, which said in a separate statement that the deal will increase its assets by more than CHF 10 billion ($10.4 billion).

In connection with the deal, the firm...
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