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.