[an error occurred while processing this directive]
[an error occurred while processing this directive]
On-Air Now
Listen Live
Facebook

Lloyds looking to sell its Island-based offshore investments business

Mon, 01 Dec 2014


Lloyds Banking Group is selling off its Isle of Man-based offshore investment business - which has an estimated value of around £200 million.

According to the Financial Times, Scottish Widows - the bank's insurance arm - has put its offshore investment and tax planning division up for sale, which manages £5 billion of policyholders' funds. 

It's in a move to focus the group's attention on UK retail and commercial banking business.

Recently, Scottish Widows announced plans to cut 130 jobs in the UK as part of a restructure of its pensions and investments department - we're not sure as yet how many of these will come from the Island.

Lloyds and Scottish Widows have declined any media comment.

It comes after Royal London sold its Island-based offshore investments business in a £134 million management-led buyout in 2013.


 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed