Lloyds TSB Private Banking has confirmed the departure of its chief executive, Mark Cheshire, who had led the business since 2005.

Mr Cheshire, who had been with Lloyds for 29 years, left to pursue other opportunites, the bank said.

The group will not be appointing a replacement for Mr Cheshire, due to the ongoing restructure of its Wealth & International division, a spokesperson told WealthBriefing.

According to media reports, Mr Cheshire’s departure comes amid an overhaul of Lloyds UK business. Part of this restructure is thought to be the creation of an UHNW unit to be headed by Malcolm Glaister, who was recently recruited from AIG Investments. Mr Glaister’s role at AIG included running the family office; prior to joining AIG in 2007 he had been with JP Morgan Private Bank.

Currently, UK clients of Lloyds TSB Private Banking must have at least £250,000 (around $399,000) of investable assets, although the unit also provides a “Mayfair Service” for those with at least £1 millon of investable assets or a salary of £250,000 or more.

The Lloyds Banking Group’s Wealth & International division comprises Asset Management, Private Banking and International Banking operations. In addition to asset managers Scottish Widows Investment Partnership (SWIP) and Insight Investment, Lloyds also owns a number of wealth management businesses through its purchase of HBOS last year, along with a 60 per cent shareholding in London-based wealth management firm St James’s Place.