UK-based Lloyds Banking Group has announced the sale of its Dubai-based banking operations to the UK’s HSBC in a deal that will involve around $765m of assets.
Lloyds said the deal would involve its onshore banking operations, including retail, corporate and commercial banking. Offshore and other private banking operations are not included in the deal.
The deal is expected to be completed by the second half of 2012.
Lloyds is the second troubled UK lender to sell off its Dubai-based retail operations, after Royal Bank of Scotland sold its local arm in June 2010.