7th Apr 2016 11:55
LONDON (Alliance News) - Lloyds Banking Group PLC held a "beauty parade" of investment banks to advise on potential acquisitions for Scottish Widows, its life insurance and pensions business, Sky News reported on Thursday.
The report said that investment banks will work with consultancy McKinsey to identify potential acquisitions in the corporate pensions and bulk annuities sector.
Lloyds could invest hundreds of millions of pounds as it seeks to expand outside its retail and business banking activities.
"We are looking at how we continue to focus on growing our Insurance business, particularly in areas such as corporate pensions and bulk annuities, where we believe we have competitive advantage through our sector expertise and scale," a Lloyds spokesman said in an emailed statement.
"We have no plans to review our insurance business more broadly or to consider divestment," the spokesman said.
Shares in Lloyds were down 1.1% at 65.36 pence on Thursday afternoon.
http://news.sky.com/story/1674301/lloyds-plots-deal-spree-at-scottish-widows
By Samuel Agini; [email protected]; @samuelagini
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