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Lloyds TSB enters race for Deutsche arm

Lloyds TSB has been reported to have joined the bidding for the UK arm of Deutsche Asset Management, following revelations by Money Marketing that Old Mutual and BNP Paribas have submitted offers for the bank.

DeAms UK division was effectively offered for sale in February when Deutsche Bank appointed Hawkpoint to find potential buyers.

Up to three more companies are thought to be in the process of making serious bids.

Lloyds TSB refused to comment.

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