Lloyds to withdraw £109bn Widows portfolio from Standard Life Aberdeen

In a stock exchange announcement, Lloyds said it had been reviewing its Scottish Widows Wealth business including the legacy assets run by Aberdeen entities and, as a result, it had given Standard Life Aberdeen a 12-month notice period for termination of the current arrangements. Standard Life Aberdeen will take an "impairment charge of £40m on the intangible asset" relating to the Lloyds customer relationship but also pointed out the £109bn would only affect 5% of revenue for the 2017 financial year. It currently runs £176bn in insurance assets and £646bn in total across the group me...