Lloyds is looking to leverage its position as the UK’s largest retail bank to build into one of the top five UK private banks in the next 3-5 years, according to the director of its international ultra high net worth (UHNW) unit Malcolm Glaister.

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“If you look at the revenue contribution to Lloyds Group now, to where we should be in 3-5 years, we’ve got a long way to go. Therefore it’s a wonderful growth business, so that’s why we are going to hire people,” he said.

Lloyds is the UK’s largest retail bank and one the biggest commercial banks but remains small in the private banking space.

Its private bank has been earmarked as the biggest area for potential growth at Lloyds Group level.

Read the full interview with Malcolm Glaister in the upcoming May edition of Private Banker International.

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