Lloyds Banking Group sells Employee Equity Solutions

Lloyds Banking Group has announced that it has concluded a strategic review of its Employee Equity Solutions (EES) business, resulting in an agreement to sell it to Computershare for up to £40 million.

EES offers a complete share plan service to over 400 companies in 100 different countries. This includes a full range of share plans; such as all-employee, international sharesave plans, performance-based executive plans, UK tax approved plans and structured offshore trust and administration services.

Shareholder services firm Computershare will continue to service all existing clients.

EES employs approximately 420 people across three main locations: Halifax, Jersey and Purley and it is expected that they will transfer, on completion of the sale, to Computershare. Lloyds Banking Group has consulted with the unions (Accord, LTU and Unite) and they will continue to be consulted throughout the transfer process.

The transfer is expected to complete by the end of the year, subject to regulatory approval.

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