Lloyds' private banking business sold off to Swiss rival UBP

Lloyds Banking Group has offloaded its international private banking business to a Swiss rival, Union Bancaire Privée.

The lender said the deal would help it simplify its business as it continues to recover from the financial crisis. The unit has assets under management worth £7.2bn, employs 500 staff and has branches in Geneva, Zurich, Monaco and Gibraltar. Private banking operations in Britain were not included in the sale.

Guy de Picciotto, UBP chief executive said: "We look forward to welcoming Lloyds' teams and their expertise that we will put to use on an even larger scale.

"We are bringing our proficiency as a major Swiss and international wealth-management player to Lloyds' private clients."