Home NEWS Science Lloyds Bank swoops on Zurich’s UK pensions and savings business

Lloyds Bank swoops on Zurich’s UK pensions and savings business

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Lloyds Banking Group has bought Zurich UK’s pensions and savings business, in a boost to its retirement business.

The bank, which returned to full private ownership in May after the Government sold the last of its stake, said the deal would boost its Scottish Widows division by adding £19bn in assets and 500,000 customers.

The tie-up helps Lloyds chief executive António Horta-Osório grow the group’s retirement business, which stands to benefit from regulatory changes giving pensioners more say over how to spend their life savings.

It is his second takeover in a year, after the group bought credit card business MBNA from the Bank of America, a deal that completed in June.

The Zurich tie-up is expected to partially close early next year, with full completion to follow once regulators give it approval. Lloyds has not disclosed the financials of the deal.

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