The long-rumoured deal was announced on Thursday by Scottish Widows' parent company Lloyds Banking Group. It adds £15bn of assets under management to the £124bn already under management from the Edinburgh office. It also adds 500,000 customers.
The acquisition of Zurich Corporate Savings provides us with an ideal opportunity to accelerate our goal to become a market leader in this important sector for advisers and customers.Antonio Lorenzo, Chief Executive, Scottish Widows
According to Lloyds, this "accelerates the development of its financial planning and retirement business". Insurance giant Zurich will receive exclusive distribution rights to provide life protection to certain corporate clients of Lloyds' commercial banking arm as part of the tie-up. 'Ideal opportunity' In addition, 200 Zurich employees in Cheltenham are expected to transfer to Lloyds.
Of Scottish Widows existing £124bn of funds under management, £35bn is in the workplace pensions business...