Lloyds CEO Antonio Horta-Osorio felt he had no choice but to cancel a £109bn investment contract with Standard Life Aberdeen (SLA) after talks to merge Lloyds' Scottish Widows subsidiary with SLA's pensions and assurance business broke down late last year, according to reports at the weekend.
In a stock exchange announcement last week, Lloyds said it had given Standard Life Aberdeen a 12-month notice period for the termination of current arrangements, highlighting the Scottish Widows assets...
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