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Scottish Widows eyes sale of offshore investment business

Scottish Widows is considering the sale of offshore investment and tax planning business Clerical Medical International, the Financial Times reports.

The Isle of Man-based business, acquired by Lloyds Banking Group as part of the HBOS deal in 2008, currently manages around £5bn in policyholder funds.

According to the report, CMI has an embedded value of around £200m and has already received several expressions of interest from potential buyers. Lloyds is understood to have appointed Fenchurch Advisory Partners to handle the sale.

Scottish Widows was unavailable for comment.

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