Tue, 26 Apr 2011 | BUSINESS SALE
Lloyds Banking Group is preparing its Scottish Widows insurance and pensions business for sale, a move that will enable the part-nationalised bank to focus on its core operations.
The new chief executive of Lloyds, Mr António Horta-Osório, is due to outline his plans to investors by the end of June. Scottish Widows Investment Partnership (SWIP), one of the UK’s biggest fund managers, may also face the chop.
The bank’s 60 per cent holding in high end wealth manager St James’s Place is also being considered as a sale possibility by Mr Horta-Osório; and is also already in the process of selling off 600 of its branches.
Lloyds’ preparation of the sale of Scottish Widows includes sifting through the investment contracts it has with contracted managers and bringing them in house.
Clive Cowdery’s Resolution Group has been identified as the favourite buyer, providing that his investors can be persuaded to back him in the purchase. Mr Cowdery has also been linked to the potential SWIP disposal.
Originally founded in 1815 as Scotland’s first mutual life office, Scottish Widows’ present products include life insurance, pensions, savings and mortgages and investments. Its total turnover for 2010 reached £10.01 billion, a fall from the previous year’s £10.34 billion figure.
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