Cary Adams, Managing Director of Lloyds TSB International Private Banking, has appointed James Sturt-Scobie, to the position of Business Sol...

Cary Adams, Managing Director of Lloyds TSB International Private Banking, has appointed James Sturt-Scobie, to the position of Business Solutions Director. Mr Sturt-Scobie is now responsible for developing the solutions that will grow the business with a team of experts in investment, wealth structuring, credit and marketing. Mr Sturt-Scobie’s new job is part of the current changes being made within the international private banking business of Lloyds TSB. Last March, the bank formed its international private banking offering, which was designed to bring together offices in Europe, Latin America, the US, and the Middle East. “It’s the aim of the business to double its size in terms of assets under management and number of clients within four years,” Mr Sturt-Scobie, told WealthBriefing. “This is eminently achievable.” The bank feels it is best positioned to serve clients who have generated wealth in their own life-time, for example entrepreneurs in their 40s and 50s and would have a natural fit with their solutions, the core market of the bank is SFr1.5 million ($1.1 million) to SFr20 million in investible assets. “This section of the market are usually multi-banked and is expected to grow 6.5 per cent in real terms yearly,” said Mr Sturt-Scobie. Lloyds TSB International Private Bank has been expanding its presence during the last year with a new office opened in Uruguay. Lloyds has always had a strong relationship with Latin America and the international private banking business in the region is well known. The office in Dubai, according to Mr Sturt-Scobie, is doing particularly well, and has just moved into new offices. Nevertheless, the bank has been reluctant to invest heavily in the fast growing Asian markets - at least for the time being. The Lloyds director said the Far East is something for the future. The bank has no immediate plans to expand into the region. “China is set for growth for a very long time. It’s very important to get it right rather than be one of the first in.”