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Lloyds Banking Group Sells UAE Business

29/03/2012 11:52

Lloyds Banking Group has issued a press release announcing that it has sold its onshore UAE business to HSBC. This will include its retail, commercial, and corporate banking arms, which operate from one branch in Dubai.
 
However, the sale will not include Lloyds Banking Group’s International Wealth department in the UAE, which includes private banking and an offshore international personal banking service.
 
The Country Head of Lloyds for the UAE, Richard Musty, said, “Lloyds TSB has a long and successful history in Dubai and we are proud of what we have achieved and the performance of our business locally. The Group’s decision to sell the onshore UAE presence follows its Group Strategic Review, announced on 30 June 2011, when it committed to simplify its international footprint.”
 
He continued, “We remain committed to ensuring the very best customer service and care and customers will see no change in our operations during this time. We also have an enviable pool of talented professionals who remain one of our most important assets. We are therefore also committed to keeping our employees fully updated throughout the transaction process. The quality of our customer base, and in particular our colleagues, was a key determining factor for HSBC in deciding to purchase this business from us.”
 
HSBC was selected from a group of competitive bidders. Lloyds has 256 employees in the UAE, 23 of whom work in the International Wealth and Wholesale business and so will be unaffected by the change. However, it has not been announced if the remaining 233 employees will be hired by HSBC.
 
Musty concluded, “We remain fully committed to our International Wealth business in the UAE which will continue to employ a highly professional and experienced team currently based in the region. We have clear growth plans for it as we firmly believe we have the right to win in the Middle East market and we will invest further in this business to help this business grow in the years ahead.”
 
 
 
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Author:    Nuqudy.com
Tags:    Dubai     banking     finance     acquisition
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