M and A
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.
