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Lloyds set to sell German insurance arm in cut price deal
by Dylan Lobo on Aug 19, 2013 at 08:03
Lloyds could face a heavy loss on the disposal of its German insurance business.
According to reports, the state-owned lender is in talks with Hannover Re to sell Heidelberger Leben for £341 million, well below the £850 million the business was valued at two years ago.
Lloyds has ditched a number of non-core businesses as it prepares for its return to the private sector.
Earlier this month chief executive Antonia Horto-Osorio said the bank was looking to reduce its international exposure from 14 countries to fewer than 10 by the end of next year. The firm has already exited 17 markets.
In recent months Lloyds has sold down its state in wealth management business St James’s Place and is believed to be sounding out potential buyers for its asset management business, Scottish Widows Investment Partnership.
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by Alex Steger on Dec 11, 2013 at 10:19