Lloyds Banking Group has consolidated its international wealth management and private banking businesses under Russell Galley as sole managing director.

The new international wealth unit will serve all the firm’s global wealth management clients, comprising the mass affluent, high and ultra high net worth segments. The bank's UK wealth management business will operate as a distinct unit.

Galley was latterly Lloyds’ managing director of savings, investment and protection. He has extensive product expertise having been managing director of the firm’s UK unsecured lending and mortgage portfolios, Lloyds said in a statement. He has also worked in private asset management and distribution during his 28-year banking career.

In his new role Galley will be based in Geneva, which has been assigned as the leadership location of the international wealth unit.

As exclusively reported by WealthBriefing, Piero Grandi, who up to now has been managing director of Lloyds’ global high net worth business, will play an important role supporting the business during the transitional stage of the realignment over the next few months, the firm said. Grandi is credited with having set up the bank’s high and ultra high net worth offering in the UK, and will continue to report to Antonio Lorenzo, group director.