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Lloyds could shed Scottish Widows in Dresdner deal, say reports

Lloyds TSB could shed Scottish Widows as part of a deal to acquire Dresdner Bank from its parent company Allianz, say press reports.

Lloyds is thought to be looking at German acquisitions to bolster its profits with the UK market set for a slowdown.

Market speculation has put a £6bn price tag on Dresdner and the possibility has been raised that Lloyds could divest itself of Scottish Widows in a part exchange for the German bank.

Allianz is thought to be looking to increase its UK presence and is already tipped as a potential buyer for the Direct Line and Churchill businesses from Royal Bank of Scotland.

Lloyds and Scottish Widows both declined to comment on the rumours.


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