Lloyds Banking are understood to be considering selling the pensions and insurance business Scottish Widows. The Times also suggests the groups new CEO Antonio Horta-Osorio may also be looking to sell the banks' 60% share of St James' Place as part of his new strategy to refocus on the groups core banking services, to be revealed to investors at the end of June.
Scottish Widows is estimated to carry a price tag of £5-7 billion, while Lloyds may also be looking to also push the sale of fund manager Scottish Widows Investment Partnership. The company dates back to 1815 where it began as a mutual in Edinburgh, but it 2000 it became pat of the Lloyds TSB Marketing Group and in 2009 it joined the Lloyds Banking Group. Currently employing almost 3500 staff, they sell life assurance, pensions and health insurance alongside a large range of other products.
The most likely buyer is thought to be UK Insurance company Resolution Group, owners of Friends Provident, the UK arm of French insurer AXA, which offers small company health insurance, and Bupa's health assurance division.