Family-owned Lenlyn Holdings is bracing up for sale of Raphaels Bank, a British bank which Lenlyn acquired in 2004.
The group has already hired Deloitte to work on the sales process, The Financial Times reported citing people familiar with the matter.
The process, which will involve segregation of various operations of the bank where earlier there had been shared services, is scheduled to be completed by the end of this financial year.
Raphaels was founded in 1787 by Dutch merchant Raphael Raphael. The potential sale is projected to be triggered as pressure mounts on private banking businesses.
However, Lenlyn has pulled back plans to offload the bank’s sister brand International Currency Exchange (ICE), a travel money provider.