"Lloyds Banking Group, the lender bailed out by the UK government, is to close its offices in Dubai as part of a $150m deal to sell its international private banking operations to Swiss wealth manager Union Bancaire Privee (UBP).
UBP is buying Lloyds Banking Group's international private banking arm, as the British lender focuses on its domestic market in the UK.
Lloyds, 39 percent-owned by British taxpayers and under pressure from UK lawmakers and regulators to slim down and focus on lending to British households and businesses, said the sale fitted its strategy to simplify its business."
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