Lloyds Banking Group may sell its insurance business, Scottish Widows, to focus on core banking services, The Independent reports. U.K. insurance company, Resolution Group, which owns Friends Provident, may be interested in buying Scottish Widows, which is likely to fetch about £5-7 billion.
The bank is also planning to sell its 60% stake in the wealth manager, St James’s Place, which is valued at about £1 billion. Lloyds may also sell fund manager, Scottish Widows Investment Partnership.
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