Lloyds Banking Group PLC Acquisition of Zurich pensions & savings business
October 12 2017 - 06:45AM
Dow Jones News
TIDMLLOY
RNS Number : 4339T
Lloyds Banking Group PLC
12 October 2017
12 October 2017
LLOYDS BANKING GROUP TO ACQUIRE ZURICH'S UK WORKPLACE PENSIONS
AND SAVINGS BUSINESS
Lloyds Banking Group (the Group) today announces it has entered
into an agreement with Zurich to acquire its UK workplace pensions
and savings business with assets under administration of GBP19
billion.
The transaction enhances Scottish Widows' current offering and
broadens its participation in the financial planning and retirement
segment whilst delivering a modern, flexible workplace savings
platform. Scottish Widows already manages more than GBP124 billion
of funds of which GBP35 billion is workplace pensions business.
The transaction is in line with the Group's targeted growth
strategy and accelerates the development of its financial planning
and retirement business.
The acquisition is expected to partially close in the first
quarter of 2018, with subsequent completion and transfer of assets
following the required regulatory and legal approvals.
Antonio Lorenzo, Director, Insurance & Wealth and Chief
Executive, Scottish Widows said: "Today's announcement is a clear
signal of Lloyds Banking Group's commitment to the financial
planning and retirement segment. The acquisition of Zurich's UK
workplace pensions and savings business complements Scottish
Widows' growth to date and provides us with an ideal opportunity to
accelerate our goal to become a market leader in this important
sector, for advisers and customers."
- END -
For further information:
Investor Relations
Douglas Radcliffe +44 (0) 20 7356 1571
Group Investor Relations Director
douglas.radcliffe@finance.lloydsbanking.com
Corporate Affairs
Fiona Laffan +44 (0) 20 7356 2081
Group Corporate Communications Director
fiona.laffan@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements with
respect to the business, strategy and plans of Lloyds Banking Group
and its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about Lloyds Banking Group's
or its directors' and/or management's beliefs and expectations, are
forward looking statements. By their nature, forward looking
statements involve risk and uncertainty because they relate to
events and depend upon circumstances that will or may occur in the
future. Factors that could cause actual business, strategy, plans
and/or results (including but not limited to the payment of
dividends) to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such forward
looking statements made by the Group or on its behalf include, but
are not limited to: general economic and business conditions in the
UK and internationally; market related trends and developments;
fluctuations in interest rates (including low or negative rates),
exchange rates, stock markets and currencies; the ability to access
sufficient sources of capital, liquidity and funding when required;
changes to the Group's credit ratings; the ability to derive cost
savings and other benefits including, but without limitation as a
result of any acquisitions, disposals and other strategic
transactions; changing customer behaviour including consumer
spending, saving and borrowing habits; changes to borrower or
counterparty credit quality; instability in the global financial
markets, including Eurozone instability, instability as a result of
the exit by the UK from the European Union (EU) and the potential
for other countries to exit the EU or the Eurozone and the impact
of any sovereign credit rating downgrade or other sovereign
financial issues; technological changes and risks to the security
of IT and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks;
natural, pandemic and other disasters, adverse weather and similar
contingencies outside the Group's control; inadequate or failed
internal or external processes or systems; acts of war, other acts
of hostility, terrorist acts and responses to those acts,
geopolitical, pandemic or other such events; changes in laws,
regulations, accounting standards or taxation, including as a
result of the exit by the UK from the EU, or a further possible
referendum on Scottish independence; changes to regulatory capital
or liquidity requirements and similar contingencies outside the
Group's control; the policies, decisions and actions of
governmental or regulatory authorities or courts in the UK, the EU,
the US or elsewhere including the implementation and interpretation
of key legislation and regulation; the ability to attract and
retain senior management and other employees; actions or omissions
by the Group's directors, management or employees including
industrial action; changes to the Group's post-retirement defined
benefit scheme obligations; the extent of any future impairment
charges or write-downs caused by, but not limited to, depressed
asset valuations, market disruptions and illiquid markets; the
value and effectiveness of any credit protection purchased by the
Group; the inability to hedge certain risks economically; the
adequacy of loss reserves; the actions of competitors, including
non-bank financial services, lending companies and digital
innovators and disruptive technologies; and exposure to regulatory
or competition scrutiny, legal, regulatory or competition
proceedings, investigations or complaints. Please refer to the
latest Annual Report on Form 20-F filed with the US Securities and
Exchange Commission for a discussion of certain factors together
with examples of forward looking statements. Except as required by
any applicable law or regulation, the forward looking statements
contained in this document are made as of today's date, and Lloyds
Banking Group expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking
statements. The information, statements and opinions contained in
this document do not constitute a public offer under any applicable
law or an offer to sell any securities or financial instruments or
any advice or recommendation with respect to such securities or
financial instruments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 12, 2017 06:30 ET (10:30 GMT)
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