Lloyds Bank International has announced that it will be cutting 80 jobs as investment management firm Brooks Macdonald has purchased part of the business.

The cuts will be made across various teams based in Jersey, Guernsey and the Isle of Man.

The buy-out is worth up to £9.63 million and is expected to be completed later this year.

Lloyds Bank says it is “following a thorough process” as it goes through the sale of the business.

The combined business will be rebranded as Brooks Macdonald International once the sale has been completed. 

Caroline Connellan, chief executive of Brooks Macdonald, said: “As well as the good strategic fit, our discussions with Lloyds Bank International have shown we have similar cultures with a shared strong focus on clients and intermediaries. This acquisition, the second for Brooks Macdonald in this financial year, is a further step forward in achieving our growth ambitions, complementing our organic strategy, creating value for shareholders and bringing benefits for clients and intermediaries.”