Lloyds Banking Group has moved closer to a sale of Scottish Widows Investment Partnership as it seeks to strengthen its balance sheet, according to reports.
The bank has hired Deutsche Bank to advise on a potential sale of the asset management arm, which has £142bn in AUM, Bloomberg and the Financial Times report. Though a formal sale process has not begun, Deutsche Bank has reportedly been gauging interest from potential bidders. The considerations follow soon after Lloyds' decision to sell a 20% stake in St James's Place, and come as the Bank of England tells UK lenders they must raise an extra £25bn worth of capital. Last year SWIP moved to shift many of its offerings from active to passive strategies as it overhauled its fund mana...
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