LONDON, May 29 (Reuters) - Part-nationalised British bankLloyds said on Wednesday it would sell itsinternational private banking business to Switzerland's UnionBancaire Privee (UBP) as it looks to shore up its capitalposition.
Lloyds said it will receive 100 million pounds ($150million) in cash for the business. It will get around 65 millionpounds initially with the rest deferred and payable in the twoyears following the deal.
The business has assets under management worth 7.2 billionpounds.
Lloyds, which is 39 percent owned by the British taxpayer,also said it had decided to withdraw from South Africa. The bankis slimming down and focusing on lending to British householdsand businesses.
Lloyds (LLOY)