Lloyds Buys Zurich's UK Workplace-Pensions and Savings Business for Undisclosed Sum
October 12 2017 - 7:10AM
Dow Jones News
By Ian Walker
Lloyds Banking Group PLC (LLOY.LN) said Thursday that it is
buying Zurich Insurance Group AG's (ZURN.EB) U.K.
workplace-pensions and savings business, which has assets under
administration of 19 billion pounds ($25.1 billion).
Lloyds said the deal is in line with the group's targeted growth
strategy, and accelerates the development of its financial planning
and retirement business.
It didn't say how much it is paying.
The acquisition is expected to partially close in the first
quarter of 2018, with final completion and transfer of assets
following the required regulatory and legal approvals, Lloyds
said.
Lloyds returned to private hands in May after the U.K.
government sold its remaining shares in the bank it bailed out
during the financial crisis.
Lloyds is the U.K.'s biggest retail bank and was bailed out by
taxpayers in 2008, with the government taking a 39% stake. The
government started selling its shares in late 2013.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
October 12, 2017 06:55 ET (10:55 GMT)
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