Britain’s biggest high street lender Lloyds is in talks with Schroders over merging its £13bn wealth management branch into a new joint venture with the investment giant.
Sky News has revealed that details of the arrangement are nearing finalisation, with an announcement expected later this month. Sky also reported that the agreement would allow Lloyds to utilise Schroders’ technology and investment capabilities within its own customer network.
Both organisations confirmed to City A.M. that talks were taking place, but highlighted that no decision had yet been made.
It is expected that Schroders will take a £109bn investment management contract from insurance and pensions provider Scottish Widows, owned by Lloyds, as part of the merger, Sky News said, while Lloyds would acquire a 19.9 per cent stake in wealth management firm Cazenove Capital.
Sky News reported the joint venture will have a total value of £500m.
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