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Lloyds Bank International Spins Off Channel Islands Arm

Editorial Staff 25 June 2020

Lloyds Bank International Spins Off Channel Islands Arm

The business that has been sold has £1.0 billion in assets under management.

UK-based Brooks Macdonald has bought the Channel Islands business of Lloyds Bank International for £9.63 million ($11.96 million).

Offshore law firm Carey Olsen acted as lead counsel to Lloyds for the deal.

The business has total funds under management of £1.0 billion (as of 31 May 2020). The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2020.

Brooks Macdonald's acquisition consists of 100 per cent of the share capital of Lloyds Investment Fund Managers.

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