Strategy

Lloyds TSB Seeks Private Banking Growth in Spain

Stephen Harris 17 October 2007

Lloyds TSB Seeks Private Banking Growth in Spain

The head of international personal and private banking for UK bank Lloyds TSB, Giles Cunningham, has told Spanish newspaper Expansion that of the 750,000 UK citizens living in Spain, some 150,000 are Lloyds TSB customers in the UK. To bring them on board in Spain, the bank plans to grow its 25-strong network of branches in 11 Spanish cities – looking primarily in southern Spain and Valencia, the Balearics and the Canary Islands, where most of the potential customers live. The Spanish subsidiary of the UK bank plans to double the size of its retail and private banking operations inside two to three years. It currently has 16,000 customers and manages assets worth €1.5 billion ($2.1 billion).

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