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More Lloyds Assets On The Market - Report
Lloyds Banking Group may sell part of its fund management
business to raise cash after its bail-out by the UK government,
according to Bloomberg, citing two people familiar with
the matter.
The company is exploring a possible initial public offering of
the company's money management and insurance division Scottish
Widows, the report said.
The news service said Lloyds may also sell Clerical Medical, a
provider of investment products and pensions.
Earlier this month the UK banking group agreed to sell
Insight Investment Management, a money manager acquired as part
of HBOS, to Bank of New York Mellon for £235 million ($381
million).
Lloyds has been badly hit by toxic debts as the leveraged buyouts
and property investments of its acquisition HBOS's corporate
division have soured.
