FRANCE – Swiss bank UBS has agreed to buy the
French wealth management business of Lloyds TSB for an undisclosed price.

“UBS today signed an agreement to acquire Lloyds Bank SA, the French wealth management business of the British bank Lloyds TSB,” UBS said. Lloyds SA serves wealthy private clients and UBS said it is “therefore a strategic fit” which strengthens is position in France.

Lloyds Bank SA has around 80 staff and around one billion euros under management. The deal is subject to regulatory approval and is expected to be completed by the end of June 2003.

Jean-Louis de Montesquiou, president of UBS in France, said: "Both clients and client advisors will benefit from the experience, know-how and substantial resources that UBS can bring to bear.”

Lloyds said the net asset value of the business was around 20 million pounds. It would book a net loss of around 15 million pounds for the deal.

UBS this week said that its wealth management businesses - private banking and UBS PaineWebber – saw net new money inflows of 11.1 billion Swiss francs (7.3 billion euros).

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