New unit born as Hill Samuel merges with Lloyds operation

Lloyds Bank has merged its Hong Kong operation with Hill Samuel Bank to create a new entity which aims to provide more comprehensive private banking services to clients.

The deal represents part of a wider global merger of Lloyds Bank with TSB Group which was originally announced in December 1995.

Hill Samuel, a member of the TSB Group since 1987, will become a Lloyds TSB Group member.

Offshore banking director Tony Jesseman said it took months for the Lloyds-TSB merger to clear regulatory hurdles in the UK.

The integration of the two giants' operations started about eight months ago, he said.

The merger makes the Lloyds TSB Group the world's fourth largest bank in terms of market capitalisation. On March 31 it was valued at US$43.9 billion.