This is a very exciting time to be in the wealth management industry.
Geneva, Switzerland (PRWEB) July 18, 2011
Lloyds Banking Group has announced that it will simplify its wealth management and private banking offering by creating two new distinct wealth businesses.
The delineation of International Wealth from UK Wealth will allow Lloyds Banking Group to create a clear focus for the development of an international portfolio. All international wealth management and private banking divisions will be brought together under a single banner with one managing director. Entitled International Wealth, the unit will support all of Lloyds' wealth customers across the globe on a mass affluent, high-net worth and ultra-high net worth basis.
Lloyds Banking Group has prepared for the change for several months now and it is hoped that the move will clearly demonstrate its commitment to its customers in the international wealth market. At the helm, Russell Galley will take the role of Managing Director for International Wealth, bringing 28 years of banking experience with him. Galley was most recently the MD of Savings Investment and Protection for Lloyds Banking Group – the UK’s leading savings institution, with deposits of over £200bn, and the UK's largest bancassurance business. His experience also includes a stint as MD of the UK’s largest unsecured lending portfolio and a £300bn mortgage portfolio. Additionally, his extensive product expertise and experience in both Private Asset Management and distribution make him a great choice for the role.
Galley will relocate, with his family, to Geneva, Switzerland as part of the change, making the country the leadership location of the new International Wealth business for Lloyds Banking Group – which has had a presence in Switzerland since 1919.
‘‘This is a very exciting time to be in the wealth management industry,” Galley explained. “I believe that we have a unique opportunity to deliver an outstanding international wealth and private banking business and I am really looking forward to leading it.”
It has also been announced that Piero Grandi, Managing Director of the much of the group’s private banking to date, will also play a large role in supporting the business during this time of transition. Particularly, this will mean supporting relationships with clients and regulators, as well as working with Russell Galley directly and continuing to report to Wealth and International Director, Antonio Lorenzo.
In the past, Grandi has been widely credited with having played a key role in building the Bank's high net worth capabilities. This has included recruiting strategically from across the banking and finance industry, as well as strengthening a number of services and being responsible for the setup of a full high net worth and ultra-high net worth offering for LBG’s UK clients.
About Lloyds TSB
Lloyds TSB is owned by Britain’s largest retail bank Lloyds Banking Group and was one of the first foreign banks to open its doors in Switzerland in 1919. Lloyds TSB Private Banking prides itself on catering to the unique requirements of each of its wealth clients. Visit: http://www.lloydstsb-pb.com
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