LONDON, April 26 (Reuters) – Lloyds Banking Group (LLOY.L) plans to become one of the five largest private banks in the UK within five years after beefing up its wealth management service to lure more super-rich clients, a senior executive said.
LONDON, April 26 (Reuters) – Lloyds Banking Group (LLOY.L) plans to become one of the five largest private banks in the UK within five years after beefing up its wealth management service to lure more super-rich clients, a senior executive said.
Expansion of the wealth management arm will rely largely on referrals from existing retail and corporate banking clients but the bank is actively looking to hire more senior bankers from rivals, said Malcolm Glaister, a director in charge of the high net worth client business.
Lloyds is also introducing its Geneva-based international service to UK customers with wealth in excess of 2 million pounds ($3.1 million), Glaister said.
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To break into the top flight of British private banks, Lloyds must more than double assets under management at its UK private client business from around 11 billion pounds. As it stands, that would allow it to overtake HSBC, which ranked fifth largest in a 2009 survey by PAM Insight, with 23 billion pounds.
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