Banking group Lloyds selling Uruguay’s operations to Swiss Banque Heritage
Banking group Lloyds announced on Friday its intention to sell its operations in Uruguay to Banque Heritage (Uruguay) SA in an effort to scale back its international presence.
The lender is selling its Uruguayan retail, commercial and corporate banking operations (which currently operate as a brand of Lloyds TSB Bank).
The total assets being sold – which don’t include Lloyds’s representative office in Uruguay - were worth £261m at the end of 2011.
“This transaction is in line with the group's strategy of reducing its international presence and the effect of the sale on the group is not expected to be material,” the firm said on Friday afternoon.
As always, the transaction is subject to regulatory approval and a number of other conditions, though Lloyds expects the disposal to complete some time next year.
Lloyds Banking Group PLC (LLOY.LN) is 41% owned by the UK Government.
Banque Heritage and its subsidiaries are a full-service international banking group managing more than 6.2bn Swiss francs for private and institutional clients worldwide.
Banque Heritage while global in scope, it manages its business cohesively across its three disciplines – Private Banking, Asset Management and Merchant Banking.
Founded in 1986 as the family office of the Esteve family, Banque Heritage is today a fully-regulated banking group headquartered in Geneva with an international franchise that currently spans Zurich, Lugano, Guernsey, Montevideo and Singapore.
Suggested Stories
-
May 20th 2013
Uruguay satisfied with the latest cruise season, but there could be difficulties ahead
-
May 18th 2013
Venezuelan oil monopoly in joint ventures with Chevron and China Petroleum
-
May 17th 2013
Argentina’s ‘autarkic project’ worsens bilateral relations and multiplies problems
-
May 16th 2013
Chevron agrees to invest 1.5bn dollars in developing YPF shale field in Patagonia
6 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
They were just not interested. BROU on the other hand welcomed me with open arms and a new account, internet banking and setting up my Escribana as my Power of Attorney was achieved in less than 30 minutes. Best service I have had in any bank, in any country, where I have an account.
Is “corralito” coming soon in UK?
I should be very scared if I have any money in a Brit bank...
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!