LONDON, April 19 Part-nationalised Lloyds
Banking Group has hired Deutsche Bank to advise it on
the possible sale of Scottish Widows Investment Partnership
(SWIP), its asset management unit, a source familiar with the
A sale of the business is one of a number of options being
considered as the bank looks to strengthen its balance sheet in
response to toughening regulatory demands, the source said.
A formal sale process has not yet begun, however, and the
whole Scottish Widows insurance business is not up for sale, the
SWIP provides asset management services to both internal and
external clients. SWIP had 141.7 billion pounds under management
at the end of 2012.
The Bank of England said in March that UK banks must raise
25 billion pounds ($38 billion) of extra capital by the end of
the year to absorb any future losses on loans.
Lloyds and Deutsche Bank declined to comment on the matter.