Lloyds is arranging a string of acquisitions at its insurance arm, Scottish Widows, just as the Government nears the sale of its remaining stake. Reports suggest that the bank held a beauty parade of investment banks as it plans to launch a series of purchases for the provider; it is said to be targeting corporate pensions and bulk annuities acquisitions. The deal will see Lloyds become one of Europe's biggest insurers by buying out Scotland's largest pension fund in an attempt to boost returns on assets under management.
Lloyds is arranging a string of acquisitions at its insurance arm, Scottish Widows, just as the Government nears the sale of its remaining stake. Reports suggest that the bank held a beauty parade of investment banks as it plans to launch a series of purchases for the provider; it is said to be targeting corporate pensions and bulk annuities acquisitions. A spokesman for Lloyds said "we are looking at how we continue to focus on growing our insurance business where we believe we have competitive advantage through our sector expertise and scale".