Investment group acquires Lloyds Bank Channel Islands business in £9.63m deal
The wealth management and funds division of Lloyds Bank International is set to be purchased by an investment group in a multi-million pound acquisition.
Brooks Macdonald Group has entered into a binding agreement to acquire the Channel Islands wealth management and funds business of the bank for a total consideration of £9.63m.
As part of the deal, the firms have agreed in principle a reciprocal arrangement in which both will introduce relevant services to each other’s clients.
Alasdair Gardner, islands director of Lloyds Bank International, commented: “When we decided to sell our Islands wealth and funds business, it was of paramount importance that we found a company with a similar culture to our own and with a strong client focus at its heart, such as Brooks Macdonald.
“We wanted to be confident that our clients and intermediary supporters would continue to receive the highest levels of service and an owner that they would be happy to work with in the future.
“Throughout our discussions, we have been impressed by the strong client focus and growth aspirations of the Brooks Macdonald International management team and we are very pleased to have reached this agreement with them.”
Andrew Shepherd, CEO of Brooks Macdonald International, added: “We are delighted to have agreed this acquisition which represents a major move forward for the International business.
“I am particularly pleased that the strong relationship we have built with the Lloyds Bank International management team means that we are putting in place a partnership agreement for cross-referral of clients with a shared commitment to explore other ways for the businesses to cooperate.”
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