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Lloyds to spare Scottish Widows in strategic review

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Lloyds Banking Group is expected to retain Scottish Widows when it announces the details of its strategic review later this month.

It is understood LBG chief executive Antonio Horta-Osorio considers the life insurer to be too valuable to the group, due to its strong cash flows and strategic balance, according to Scotland on Sunday.

The report also states Horta-Osorio believes that the insurer can shore up the bank’s frayed relationship with investors.

Reports have previously suggested Horta-Osario was keen to off-load the Edinburgh-based insurer in a move away from the bancassure model to focus on mortgages and high street banking.

LBG bought Scottish Widows for £7bn in 1999.

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