Lloyds Banking Group Plc, Britain’s biggest mortgage lender, agreed to sell its international private-banking business to Swiss wealth manager Union Bancaire Privee for as much as $151 million in cash.
Lloyds will receive about $98 million when the deal is completed and 35 million pounds over a two-year period, depending on performance, the London-based bank said in a statement today. The sale of the business, which had $11 billion of assets under management at the end of March, will include operations in Geneva, Zurich, Monaco, Gibraltar and Montevideo. The business in Miami will be sold to Banco Sabadell SA for as much as $12 million in cash, it said.
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