Lloyds Banking Group said it has entered into an agreement with Zurich to acquire its UK workplace pensions and savings business with assets under administration of £19bn.
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."
At 2:16pm: (LON:LLOY) Lloyds Banking Group PLC ORD share price was -0.25p at 66.25p