Lloyds Eyes £7B Insurance Unit Sale

Lloyds Banking Groupmay sell its insurance business,Scottish Widows, to focus on core banking services,The Independentreports. U.K. insurance company,Resolution Group, which ownsFriends Provident, may be interested in buying Scottish Widows, which is likely to fetch about £5-7 billion.

The bank is also planning to sell its 60% stake in the wealth manager,St James’s Place, which is valued at about £1 billion. Lloyds may also sell fund manager,Scottish Widows Investment Partnership.

Click here for the story fromThe Independent.