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More Lloyds Assets On The Market - Report

Tom Burroughes

27 August 2009

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.