LONDON, April 21 U.S. financial services company
Ameriprise Financial is lining up an 800 million pound
($1.22 billion) bid for Lloyds Banking Group's Scottish
Widows asset management arm, the Sunday Times reported.
Last week Reuters reported that Lloyds had hired advisors
for a possible sale of Scottish Widows Investment Partnership
(SWIP), as it prepares for a likely regulatory demand to raise
The Sunday Times said analysts believe Minneapolis,
Minnesota-based Ameriprise, which owns British fund firm
Threadneedle Investments, would lay off most of SWIP's
Edinburgh-based employees if it wins the auction.
Both Ameriprise and Lloyds declined to comment.
UK banks are having to consider further disposals after the
Bank of England said they must raise a total of 25 billion
pounds of extra capital by the end of the year, to be in a
position to absorb future loan losses.