Lloyds sells UAE business to HSBC

LLOYDS Banking Group yesterday sold its retail, corporate and commercial banking business in the United Arab Emirates to HSBC for an undisclosed sum.

By The Newsroom

Published 29th Mar 2012, 22:00 BST

The assets were valued at just under £500 million at the end of last year.

Simon Cooper, regional chief executive of HSBC Bank Middle East, said: “Acquisition opportunities in this region are scarce and this is an important opportunity we have seized.”