Lloyds Banking Group to merge £13 billion wealth arm with Schroders: Sky News [Reuters]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Reuters
Lloyds Banking Group to merge £13 billion wealth arm with Schroders: Sky News | Reuters 1 Min Read (Reuters) - Britain’s Lloyds Banking Group ( LLOY.L ) is to merge its 13 billion pounds ($17.06 billion) wealth management arm into a new joint venture with asset manager Schroders Plc( SDR.L ) , Sky news reported on Sunday. The deal will see Lloyds owning 50.1 percent? of the new joint venture with Schroders owning the rest, Sky said, citing sources. Sky News said the new joint venture will be part of a three-pronged tie-up between the companies, with Schroders taking on a 109 billion pounds investment management contract from Lloyds-owned Scottish Widows. The third leg of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported. Lloyds Banking Group and Schroders did not immediately respond to requests for comment. Reporting by Gaurika Juneja, Editing by William Maclean All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges
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LYG
Sec Filings
- 4/23/24 - Form 6-K
- 4/22/24 - Form 6-K
- 4/19/24 - Form 6-K
- LYG's page on the SEC website