Lloyds sells Abbey Life for £977m

Lloyds TSB has made its second disposal of the year, selling Abbey Life for £977 million to Deutsche...

Lloyds TSB has made its second disposal of the year, selling Abbey Life for £977 million to Deutsche Bank. Deutsche Bank will acquire the life assurance business for cash, adding to the £550 million Lloyds TSB secured in May through the sale of its registrar business to Advent International. Abbey Life, which is part of Lloyds TSB's Scottish Widows subsidiary, was won by Deutsche Bank after a "robust" bidding process. Deutsche Bank was one of four bidders for the closed life fund, including Resolution, Swiss Re and Hugh Osmond's Pearl Group. Resolution later pulled out of the auctio...