Lloyds Banking Group has sold its remaining stake in Standard Life Aberdeen following a decision to withdraw £109bn of assets managed by the firm for Scottish Widows.
In a stock exchange announcement the firm announced it has sold 98 million shares at a price of 352.5p a share, which totals 3.3% of SLA's business, raising £344m in process. Shares in Standard Life Aberdeen declined as much as 10% in early morning trading on 10 February after Lloyds Banking Group announced the withdrawal of assets. Earlier this year, Lloyds said it had been reviewing its Scottish Widows Wealth business including the legacy assets run by Aberdeen entities, and as a result, it has given Standard Life Aberdeen a 12-month notice period for the termination of current arra...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
