The proposed deal includes the British bank’s Geneva-based private bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo.
As part of the transaction, the firm has decided to shut down its Dubai International Finance Centre based private banking business and will also withdraw from South Africa to curtail its global footprint.
The planned acquisition, which is part of UBP’s strategy to boost presence in Switzerland, Middle East and Latin American markets, provides an array of personalized banking, investment and planning services to high net worth individuals and families.
In order to deliver continued support for its customers, the UK financial group is also looking for possible business opportunities with UBP, including possible client and product referrals.
The proposed transaction will not affect Lloyds’ UK-offshore businesses, which comprises the Channel Islands, Isle of Man and Gibraltar.
Pending various regulatory approvals, transfer of the business is expected to complete in the second half of 2013 and the rest by the first quarter in 2014.
In an another deal, Lloyds has decided to offload International Private Banking business in Miami to Banco Sabadell in Spain, in a deal valued at nearly £8m.
The 39% British taxpayer owned bank, which received a bailout of $31bn during the financial crisis of 2008, is disposing off its banking business across the globe to pay back to the creditors.
