Lloyds TSB Private Banking has appointed Jon Farley as head of its business in Gibraltar.

In his new role, he will oversee the bank’s strategy and manage the relationships with regulatory and government bodies in the region, reporting to Richard Musty, director of private banking and Lloyds TSB International.

Farley has over 15 years of banking experience in a variety of roles, including wealth, corporate, international and retail banking. He joined Lloyds in 2008 from Barclays Bank, and after his initial role in intermediary sales, he joined the wealth and international division in 2009. Most recently, he was appointed to oversee strategic projects in Geneva and the US.

Earlier today, Lloyds Banking Group, the UK-listed parent of the private bank, reported an underlying profit of £1.479 billion ($2.289 billion) in the first three months of 2013, up sharply from £497 million a year before.

Farley's appointment follows yesterday's announcement that Lloyds plans to sell its Spanish retail and private banking operations to Banco Sabadell for a 1.8 per cent stake in the Spanish bank, worth about at €84 million (around $110 million). Lloyds said it expected to make a loss of approximately £250 million on the sale.

The UK banking group has been looking to shed certain assets and boost profitability; it is currently partly owned by the UK government following a bailout amid the 2008 financial crisis.