Scottish Widows set for merger talks with Standard Life

Talks between the two rival providers are set to take place following shareholder approval of the Standard Life Aberdeen deal

Standard Life chief executive Keith Skeoch
Standard Life chief executive Keith Skeoch

Standard Life is eyeing a potential merger with rival Scottish Widows.

Talks between the two Scottish groups are said to be starting this week, sources told The Sunday Times.

Standard Life is in the process of merging with Aberdeen Asset Management in a deal which is set to complete in the coming months.

The new firm, named Standard Life Aberdeen, will be co-headed by Aberdeen’s head Martin Gilbert and Standard Life’s chief executive Keith Skeoch.

Lloyds Banking Group, which owns Scottish Widows, has already a close relationship with Aberdeen, since its 2013 acquisition of Scottish Widows Investment Partnership, the insurer’s fund management arm.

The deal means Lloyds holds a near-10 per cent stake in Aberdeen.

Discussions on the strategic partnership with Lloyds were already mentioned when Standard Life and Aberdeen announced their plans to merge earlier this year.

However, the newspaper says potential talks will need to wait until shareholders vote on the Standard Life’s merger with Aberdeen, which is set to take place today.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Good idea. It keeps all the rubbish in one basket.

  2. Will the new company be called Used to Be Relevant Life?

  3. It would appear there is a lot of “Merging ” in Edinburgh toon ! It was always said in Edinburgh that if the substandard life broke wind – the sloppy widows filled her underwear. It seems like the Widow has been around the block from TSB to Spanish Banks and now under the hairy armpit of Sub Standard life . . . hell ( or Edinburgh ) hath no fury like a wider scorned ?

  4. Thats great because I won’t have to discount Widows and Standard Life individually anymore. I can discount them in one go. Not used Standard Life in 10 years and not used Widows in about 7. I found both of them to have disintegrated into non-entities from once being leading company’s in the life and pensions business. Sad to see but hey, it happens.

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