Lloyds Banking Group has refused to comment on speculation Ameriprise Financial (AMP) is making a bid for the asset management arm of the UK Bank, Scottish Widows Investment Partnership (SWIP).
AMP, a US based financial services company, are rumoured to be leading a group of bidders who are making $1.22 billion offer for the business, according to media sources.
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Lloyds are reported to have engaged advisers from Deutsche Bank AG to review the future of SWIP, which has approximately GBP150 billion of funds under management.
The possible sale of Lloyds’ investment arm would be in line with a recent move to strengthen capital and focus more on its UK retail banking side, in hope to level out their balance sheet.
The bank had to be bailed out by the UK government following the 2008 financial crisis, with the government currently holding a 39% stake in the company.
In March 2013 the bank sold a 20% stake in St. James’s Place, cashing in on strong share results from the wealth management firm.
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